The services sector in New Zealand moved into expansion territory in November, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 51.2.
That's up from 49.2, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, employment (51.0), new orders (52.3), stocks (55.0) and supplier deliveries (52.9) all expanded, while activity/sales (48.7) remained in contraction.
"Despite November's lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and rising inventories raises questions about the sustainability of the nudge higher," BNZ Senior Economist Doug Steel said.
