WELLINGTON, July 15 Expansion in New Zealand's
services sector eased in June from a seven-month high the
previous month, driven by a dip in deliveries and employment but
still pointing to solid economic activity.
The Bank of New Zealand-Business NZ's seasonally adjusted
performance of services index (PSI) fell to 55 in June from 56
in May, which had been the highest reading since October 2012.
A reading above 50 indicates expansion in activity.
All of the PSI's five sub-indices expanded, with new orders,
stocks, and sales showing modest gains but declines seen in
deliveries and employment, which held marginally above 50.
"Another reading in the mid-50s, well above the 50 mark that
distinguishes progress from contraction, points to a decent rate
of expansion for the biggest sector of the economy," Bank of New
Zealand economist Doug Steel said on Monday.
Last week, a companion manufacturing survey showed activity
in June easing from a near nine-year high due to a decrease in
production growth and new orders off-setting increasing
deliveries and finished stock.
The GDP-weighted composite index, which combines the
manufacturing and services surveys, dropped 1.4 points to 55,
easing back from May's seven-month high.
(Writing by Boris Jancic; Editing by Paul Tait)