NEW ZEALAND SERVICES CONTINUED TO EXPAND FOR THE SECOND MONTH IN A ROW, WITH PMI DOWN TO

NEW ZEALAND SERVICES CONTINUED TO EXPAND IN JULY, WITH THE BUSINESS NEW ZEALAND SERVICE PERFORMANCE INDEX (PSI) AT 50.6, SLIGHTLY LOWER THAN THE JUNE 50.9 BUT HIGHER THAN THE MAY 48.1. THIS WAS THE SECOND CONSECUTIVE MONTH THAT THE INDEX REMAINED ABOVE THE 50.0 LINE OF EXPANSION AND CONTRACTION. WHILE SERVICE PERFORMANCE REMAINS POSITIVE, THE WEAK BREAKDOWN OF EMPLOYMENT AND SUPPLIER DELIVERY SUGGESTS THAT RECOVERY REMAINS FRAGILE. CATHERINE RITCHIE, CHIEF EXECUTIVE OFFICER OF NEW ZEALAND BUSINESS, STATED THAT IT WAS ENCOURAGING TO SEE PSI REMAIN IN THE EXPANSION ZONE FOR THE SECOND CONSECUTIVE MONTH, ALBEIT AT A SLOWER PACE。