RTTNews - Services sector activity in New Zealand continued to contract in June, the latest survey from the Business New Zealand showed Monday. The index remained below the threshold reading of 50 for the 15th consecutive month.
The Performance of Services index decreased to 45 in June from 46.2 in the preceding month, with the index remaining in contraction since April last year. A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
Four of the five main diffusion indices remained in contraction in June. The activity or sales index stood at 43.9, same as in May. The employment index decreased further to 43.6 from 46.3 in the preceding month.
The inventories index dropped to a record low in June, falling to 41 from 44.7 in May. Further, the supplier deliveries index touched a new low of 42.2 in June, declining from 44.7 in May, and was also below the previous low of 42.7 seen in June last year. However, the new orders index showed a positive reading of 50.8 for the first time since March, and for the third time in ten months, the BNZ said.
Meanwhile, activity continued to remain weak in the all main regions in June and was negative for most of the services.
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