The services sector in New Zealand continued to expand in July, albeit at a slightly slower pace, BusinessNZ said on Monday with a Performance of Services Index score of 57.9.
That’s down from the downwardly revised 58.4 in June (originally 58.6) although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, sales (63.6), employment (55.2), new orders (63.2) and inventories (52.0) all expanded, while supplier deliveries (47.6) was in contraction.
“Combined with last week’s blistering PMI employment reading of 58.3, it all sets up Q3 to be another strong quarter of employment growth and the nation’s unemployment rate continuing to press lower. This is good news if you are looking for a job, not so much if you are trying to find staff,” said BNZ Senior Economist Doug Steel.