NZ service sector contracts for the first time since July 2010

Sun, 14 Oct 2012

By Hannah Lynch Oct. 15 (BusinessDesk) - New Zealand's service sector contracted for the first time since July 2010 last month, with the latest survey pointing to a slowing of economic growth in the second half of the year. New orders and sales led the decline. The BNZ-BusinessNZ performance of services index (PSI) fell 0.4 points to 49.6 last month, the second lowest value for a September month since the survey began. A reading above 50 indicates expansion. “The soggy September Performance of Services Index adds to recent indicators sugges...

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