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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  • conwaycaptain

    What this country needs is a Centre Right newspaper and TV/Radio channel to get this news out.
    The current limp wristed MSM wont do it.
    As I have said before WO should run a newspaper the Daily Spout and a TV channel run by Captain Ahab Just one legged not one eyed!!!

  • Dave

    Geez, Cunnlife is a bit out on a limb, he and his lying labour colleagues predicted doom and gloom for the sector. Also a sorry note for Labour and their supporters, the sector EMPLOYS mainly lower to mid wage workers…. Shame for labour they will be earning wages and not another needy labour beneficiary.

  • rockape

    Another success story that Labour policy would kill. A wage of $18.40 would finish this sector.

    • cows4me

      Another killer would be the huge carbon charges that the retards want to put on the agricultural sector. This would have a huge effect on the service sector. The tax take for the commie bastards would be immense in the second year then the arse would fall out of agriculture then the service sector.

  • longjohn

    Labour and the smelly barstards list WINS in the service sector!

  • Bunswalla

    So manufacturing’s on the up, unemployment is down, we’re in the top half-dozen of the fastest growing economies in the OECD, and now the services sector is surging?

    I blame it all on the Key-led National Government, what is the man thinking? That’s not democracy!

    • Sir Cullen’s Sidekick

      But National’s poll ratings are lower than the Communists-Socialists combination…..

      • Dave

        you mean the pole taken in the labour offices broom closet SCS/ Sure, the new man will enjoy a honeymoon, but take a closer look after three months. wont be too flash!

  • Sir Cullen’s Sidekick

    Labour’s progressive tax policies are working like a charm….

  • Mr_Blobby

    Great news two-thirds of the economy don’t actually build anything. Do those figures include the Government sector.

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