16 Nov 2015

Activity in services sector weakens

8:56 pm on 16 November 2015

Activity in the services sector has weakened.

The BNZ-Business New Zealand Performance of Services Index (PSI) edged down 2.8 points to 56.2 last month, when compared with September.

A reading over 50 indicates expansion.

Most indicators - including activity, sales, new orders and employment - dipped but still remained in expansion mode.

BNZ senior economist Craig Ebert said the pull-back was expected after September's strong result.

"The PSI and the PMI (Performance of Manufacturing Index) still tells us the economy's growing relatively well and we'll just look to the GDP number in the next week or two to see how that confirms," he said.