NZ service sector growth eclipses Australia in May, led by new orders

Sun, 17 Jun 2012

By Paul McBeth June 18 (BusinessDesk) - New Zealand's service sector growth eclipsed Australia in May as rapid expansion in new orders underpinned the second-fastest monthly pace since at least April 2007. The BNZ-BusinessNZ performance of services index (PSI) increased 0.1 points to 56.8 last month from April, where a reading above 50 indicates expansion. That's the second-fastest monthly pace since the series began in April 2007. "A strong upward trend has developed in the PSI, to the point of it now suggesting stronger than average grow...

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