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New Zealand Services Sector Slows In February - BusinessNZ

The services sector in New Zealand continued to expand in February, albeit at a slower pace, the latest survey from BusinessNZ said on Monday with a Performance of Services Index score of 53.8.

That's down from the downwardly revised 56.2 in January (originally 56.3) although it remains well above the boom-or-bust line of 50.

Individually, sales, employment and new orders all continued to expand although at slower rates. Supplier deliveries sank into contraction, while stocks and inventories continued to contract.

"The PSI has shown little direction over the past six months, but overall indicates positive economic growth albeit a bit slower than was prevailing a year ago," BNZ Senior Economist Doug Steel said.

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