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NZ services sector performance improves in January

Xinhua, February 16, 2015 Adjust font size:

Growth in New Zealand's services sector advanced last month, in contrast to the slowing expansion in manufacturing, according to the latest performance of services index (PSI) out on Monday.

The Business New Zealand (BNZ) PSI in January was 57.8 up 1. 1 points from the previous month and the highest value since July last year on a scale where above 50 indicates expansion and below 50 contraction.

That compared with 50.9 on the BNZ performance of manufacturing index (PMI) in January, which was 6.2 points lower than the previous month, and the lowest overall result since December 2012.

"The relative health in the latest PSI gels well with a burgeoning labor market, high net inward migration and a reheating housing market," BNZ senior economist Craig Ebert said in a statement.

"It's a big relief to see the PSI get even stronger in January, compared to the abrupt slowing of its manufacturing cousin the PMI. "

All five main PSI sub-indices were in expansion, with new orders/business on 61.4, activity/sales on 60.2, employment on 54. 5, supplier deliveries on 55.8 and stocks/inventories on 53.9.

The GDP-weighted BNZ performance of composite index, which combines the PMI and PSI, stood at 56.8 in January. Endi