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New Zealand Services Index Climbs To 37.2 In May - BusinessNZ

The services sector in New Zealand continued to contract in May, albeit at a slower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 37.2.

That's up from 25.9 in April, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, sales (32.5), employment (40.9), new orders (35.1), stocks (45.4) and supplier deliveries (41.0) all continued to contract in May.

"We'd caution that just being allowed to open doesn't guarantee more activity. Standing back, there is no denying the outright level of the PSI remains woeful and still sits well below the lows at around 45 recorded during the 2008-09 recession," BNZ Senior Economist Doug Steel said.

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