New Zealand Services Index Slips To 56.1 In May – BusinessNZ

The services index in New Zealand continued to expand in May, albeit at a slower pace, the latest survey from BusinessNZ showed on Monday with a Performance of Services Index of 56.1.

That’s down from 61.2 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components of the survey, new orders (62.1), sales (58.7), employment (54.3) and stocks (51.6) all were in expansion territory, while supplier deliveries (45.1) contracted.

“While the current strength in the PSI and PMI says good things for economic growth over coming quarters, the obvious supply side stresses suggests significant upward pressure is building on inflation,” said BNZ Senior Economist Doug Steel.

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