Contraction Continues In NZ Services Sector

(RTTNews) - Businesses in New Zealand’s services sector reported reduced activity for the third straight month in September, according to the latest Performance of Services Index reading.

The Bank of New Zealand/Business New Zealand survey showed a drop of 1.0 point to an index reading of 46.9, with readings below 50.0 indicating contraction in the measured sector. It marked the second lowest reading for the index since the series began in April 2007.

Four of the five sub-category indices showed lower activity, as the new orders/business sector contracting for the first time.

The index has now been below the 50.0 mark since April 2008, further confirmation of a nation in recession.

About 300 companies in the services sector were surveyed for the index.

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