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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