Service Sector Booming

The good economic news continues to come, this time in the service sector.

New Zealand’s services sector, which accounts for almost two-thirds of the economy, accelerated to a record for a September month, led by new orders/business.

The BNZ-BusinessNZ performance of services index rose 2.3 points to 55.6 in September, the highest for that month since the survey began in 2007. A reading above 50 indicates expansion in activity. 

All five sub-indexes of the PSI grew last month, with stocks/inventories the only one to weaken, falling 1.7 points to 51.5.

The survey showed a bounce back in Canterbury/Westland to 55.6 following a contraction in August to 42.1 and providing a counterpoint to recent economic data that has suggested the Christchurch rebuild-led region may be losing steam.

The PSI “offers a counterweight to some of the softer tinges creeping into a few economic indicators for Canterbury over recent months,” Bank of New Zealand economist Doug Steel said in a statement.

“This includes a marked slowing in some Canterbury indicators from last week’s Quarterly Survey of Business Opinion,” he said.

“Growth in the region has been so abnormal over the past few years that the odd pause for breath should not come as any great surprise.”

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.