Consistent Service - June PSI
26 July 2016
New Zealand’s services sector showed consistent levels of expansion during June, according to the BNZ - BusinessNZ Performance of Services Index (PSI).
The PSI for June was 56.7. This was very close to the level of activity seen in May (56.9), and above the average of 56.4 for the first 6 months of the year (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).
BusinessNZ chief executive Kirk Hope said that the result for June continued the trend of healthy expansion, with the sector remaining in a positive position.
“Looking at comments, those who stated their main influences on activity were positive typically mentioned either steady sales or business as usual. Those stating negative influences instead focused on either seasonal patterns or issues relating to shortages of skilled staff".
Regarding the latest PSI result, BNZ Senior Economist Craig Ebert said “coming up through the pack was the PSI’s employment index. At 55.1 it fits with a number of other indicators on hiring that are starting to look hefty for New Zealand.”