The services sector in New Zealand continued to expand in October, and at a faster rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 57.4.
That's up from 55.9 in September and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales (61.0), new orders (59.9), employment (57.0), stocks (56.5) and supplier deliveries (52.5) all expanded last month.
The survey also showed that the composite index faded to 53.1 in October from 54.1 in September.
"The latest NZ PSI and PMI results chime with the narrative of spending shifting back to services, away from durables. However, they also highlight a divergence to what's been going on globally, with respect to services industries," BNZ Senior Economist Craig Ebert said.
