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Financial News: New Zealand Services Activity Contracts In August

New Zealand Services Activity Contracts In August

09/20/2021 - 02:19:00 (RTTNews)

(RTTNews) - New Zealand's service sector deteriorated in August, survey figures from Business NZ showed on Monday.

The performance of services index, or PSI, dropped to 35.6 in August from 55.9 in July. However, any reading below 50 indicates contraction in the sector.

This was the second lowest level since the survey began.

The sub-index for new orders fell to 32.8 in August from 60.0. Supplier deliveries declined to 26.8.

"The national lockdown was the sole influencing factor causing service sector activity levels to plunge into contraction," BusinessNZ chief executive Kirk Hope said.

"Even for those outside Auckland moving down alert levels to resume business activity, there will be residual effects at least through September with both uncertainty and lower alert level restrictions playing their part."

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