The service sector in New Zealand swung into expansion territory in March, the latest survey from BusinessNZ revealed on Monday with a Performance of Service Index score of 52.4.
That’s up from 49.7 in February and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, sales (54.5), employment (51.8) and new orders (56.9) expanded, while supplier deliveries (43.5) and inventories (48.9) remained in contraction.
“Any sustained shift towards the services sector exhibiting ongoing expansion will need to see activity/sales and new orders remaining near or above their long term average results to continue momentum,” said BusinessNZ chief executive Kirk Hope.
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