The services sector in New Zealand continued to expand in March, albeit at a slower rate, BusinessNZ said on Monday with a Performance of Services Index score of 52.9.
That’s down from 53.6 in February, and it marks the lowest index score since 2012, BNZ said.
It does, however, remain above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, sales, employment and new orders were all down but still in expansion territory. Stocks/inventories contracted at a slower rate, while supplier deliveries moved from break even into expansion.
“The PSI trends remain OK, but a slower March reading heightens focus on the next few months to see if the slower pace is transitory or not,” BNZ Senior Economist Doug Steel said.
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