14 Oct 2013

Services sector expands in September

1:48 pm on 14 October 2013

The services sector expanded at an accelerated rate in September after a small dip in August.

The Bank of New Zealand-Business New Zealand Performance of Services Index rose 2.3 points from August to 55.6 in September.

A reading above 50 indicates expansion and the index has averaged 55.4 points so far this year.

BNZ economist Doug Steel says the September results are more important than they look because a series of softer spots shown in the August survey have gone.

All five main sub-indices expanded in September, the fifth consecutive month this has been the case.