NZ service sector activity slows in May, still expanding

Sun, 15 Jun 2014

By Suze Metherell June 16 (BusinessDesk) - New Zealand service sector activity, which accounts for about two thirds of the economy, dropped in May as supplier deliveries slipped into contraction, though the broader index continued to expand. The BNZ-BusinessNZ performance of services index fell 4.3 points to a seasonally adjusted 54.2 in May, from a revised 58.5 in April and down from 56.4 a year earlier. A reading above 50 indicates expansion. The average reading for 2014 is 56.4. Last week the Reserve Bank hiked the official cash rat...

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