Economic Buzz: New Zealand services index improves to 48.9 in July

The services sector in New Zealand continued to contract in July, albeit at a slower rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 48.9.

That's up from 47.3 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components, stocks/inventories (51.4) expanded, while new orders (50.0) were right on the line and supplier deliveries (48.8), activity/sales (47.5) and employment (47.1) remained in contraction.

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