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New Zealand services sector slows in July

New Zealand
Oceania   The business performance of services index fell 2. points

New Zealand's services sector, which accounts for about two-thirds of the economy, slowed in July to its lowest point in 20 months, ending a run of above-average expansion.


The BNZ-BusinessNZ performance of services index fell 2.4 index points to a seasonally adjusted 54.2 last month, with all five sub-indices dropping. That's the lowest reading since November 2014, and in line with the long-run average for the survey of 54.2.

A reading of 50 separates contraction from expansion.

The PSI comes after its sister survey, the performance of manufacturing index, fell 1.8 points to a seasonally adjusted 55.8 as the country's booming construction sector continued to support industrial production.

The composite index, which combines the two measures, dropped 2.4 points to 54.5 on a GDP-weighted basis and fell 1.8 points to 55.4 on a free-weighted basis.

 

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