Photo: 123RF
New Zealand's services sector slowed last month as new orders and stocks took a tumble.
The BNZ-Business New Zealand Performance of Services Index (PSI) fell 3 points in June to a flat 50.1.
A reading below 50 indicated contraction in the sector.
The rate of new orders and stocks saw the biggest decline of the sub-index.
BNZ senior economist Craig Ebert said the weaker reading was well below the long-term average of 53.6.
BNZ senior economist Craig Ebert. Photo: RNZ /Dom Thomas
"It is soft, the previous month did move slightly into positive territory but it's back down now to a relatively flat position, rather like it was back in April," Ebert said.
"A lot of the components are telling the same story so overall it's a fairly sideways sort of result for the PSI.
"The month-to-month volatility is not unusual - it's more those trends that have slowed."
New orders were running well below the long-term average despite being in positive territory.
Ebert said that shows bookings for the services sector slowed at a significant rate.
