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(CEP News) - The key measure of the service sector in New Zealand improved in February but was still at the third lowest level on record.
The BNZ Capital Performance of Service Index climbed 3.6 points in February to a level of 46.3. Despite the improvement, the index is 9.3 points lower than it was in February of last year. Any level below 50 represents contraction in the services sector. It was the eleventh consecutive reading below 50. All five of the components that make up the headline index improved but remain at contractionary levels. Activity/sales climbed to 42.9 from 37.3; employment rose to 44.9 from 43.5; new orders rose to 49.8 from 45.2; inventories climbed to 48.3 from 45.7 and supplier deliveries rose to 47.2 from 44.2. In January, the overall index was at a record low of 42.7 but the February report was the first to show negative growth in all four regions. The survey measures service industries including retail, property and health. By Adam Button,
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, edited by Stephen Huebl,
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