NZ service sector expands in July, holding above long-term average

NZ service sector expands in July, holding above long-term average
By Paul McBeth Aug. 18 (BusinessDesk) - New Zealand service sector activity grew at a faster pace in July, holding above its long-term average, and fuelling firms' appetite to invest back into their business. The BNZ-BusinessNZ performance of services index rose 3.2 points to 58.4 in July, taking the year's average to 56.5 points. The service sector, which accounts for about two-thirds of the economy, has been in expansion since July 2010, and activity was led by new orders/business in the month. "This is consistent with output acceler...