New Zealand Performance Of Service Index Falls To 49.6 In September

New Zealand Performance Of Service Index Falls To 49.6 In September


An index measuring the service sector in New Zealand slipped into contraction for the first time in 27 months, Business New Zealand said on Monday, with an index score of 49.6.
That's down from 50.0 in August; a reading above 50 means expansion in a sector and a reading below signals contraction.
Among individual components, new orders also fell to a 27-month low of 52. Employment and supplier deliveries both saw mild improvement but remained under 50.
"The soggy September Performance of Services Index adds to recent indicators suggesting slower economic growth in the second half of 2012, following what was a very solid performance in the first half," BNZ economist Doug Steel said in a statement accompanying the data.