RTTNews - The New Zealand service sector expanded for first time since March 2008, the latest survey from the Business New Zealand and BNZ Capital showed Monday.

The BNZ Capital - Business NZ Performance of Service Index or PSI stood at 50.1 in July, up from 45 in June.

A reading above 50 indicates expansion in activity, while a reading below 50 signals a contraction.

Three of the five diffusion indices increased in July, yet signaled contraction. Meanwhile, the activity/sales index stood at 51.7, up from 43.9 in June. The new orders/business improved 56.5, highest value since March 2008.

The employment index increased further to 47.9 from 43.6 in the preceding month, while stocks/ inventories gauge rose to 42.1.

Meanwhile, activity was positive in two of the four main regions in July.

For comments and feedback: contact editorial@rttnews.com