20 Aug 2012

Services sector activity slowing

12:26 pm on 20 August 2012

The pace of activity in the services sector has slowed again, following a slide in sales which offset a rise in new orders.

The BNZ-Business New Zealand performance of services index eased less than a point to a seasonally adjusted 53.1 points in July.

A reading above 50 indicates the sector is expanding.

Last week, the data showed manufacturing activity contracted slightly.

The GDP-weighted composite index, which combines the manufacturing and services surveys, fell slightly to 52.7. This indicates annual growth of just above 2% .