Slowing service sector activity may weigh on 4Q economic growth

Mon, 16 Dec 2019

Activity in the services sector dipped back below its long-term average in November, as new orders/business fell and inventories jumped, and doesn't bode well for fourth quarter economic growth. The November BNZ-BusinessNZ performance of services fell 2 points from October to a seasonally adjusted 53.3 and was 0.5 of a point lower than in November 2018. The long-term average is 54.4 and a reading above 50 indicates expansion. “Having rebounded well through much of this year, New Zealand’s performance of services index suffered a knock in...

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