New Zealand Service Sector Sinks Further in June

2024-07-14 22:44 By Jam Kaimo Samonte 1 min. read

The BusinessNZ Performance of Services Index in New Zealand fell 2.4 points to 40.2 in June 2024, declining for the fourth consecutive month and posting the lowest level of activity for the sector for a non-COVID lockdown month since the survey began in 2007.

The key index values for Activity/Sales (35.6) and New Orders/Business (38.3) were both the lowest for a non-COVID lockdown month.

Employment (45.6) was at its lowest point since February 2022, while Supplier Deliveries (41.6) was the lowest since March 2022.

Meanwhile, Stocks/Inventories improved 1.3 points to 43.5.

Doug Steel, BNZ’s Senior Economist, said that “the Performance of Services Index has been well below average for more than a year.

Moreover, the weakness appears to be accelerating.”



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