NZ service sector expands at fastest recorded pace in October, ending horror run of data

Sun, 18 Nov 2012

By Paul McBeth Nov. 19 (BusinessDesk) - New Zealand's service sector grew at its fastest recorded pace last month as sales activity rallied, ending a horror run of data that had analysts increasing their expectations for an interest rate cut next month. The BNZ-Business New Zealand performance of services index rose 7.5 points to 57.4, seasonally adjusted, in October in its biggest monthly gain since the survey began in 2007. A reading above 50 indicates the sector is growing, and the industry was in contraction in September. "The extent o...

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