New Zealand’s services sector continued to show increased expansion during March, according to the BNZ – BusinessNZ Performance of Services Index (PSI).
The PSI for March was 59.0. This was 0.3 points higher than February, and the second highest level of expansion over the last 18 months (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 strong result shown for the new orders/business sub-index contributed towards the higher March figure.
“New orders/business (66.4) were at its highest level since June 2007, which should feed through to activity/sales in the months ahead. Combined with 65.6% of respondents providing positive comments, the sector is currently in a solid and positive place”.
BNZ Senior Economist Doug Steel said that “the PSI has been a bit like a stuck record, set on high volume. In fact, the volume dial is even getting tweaked up a bit more”.