| The service sector, accounting for around 70 per cent of New Zealand activity, is reporting steady expansion, underpinned by rising activity particularly in the banking, financial and legal services industries. The latest BNZ-Business New Zealand Performance of Services Index (PSI) clocked in at 54.4 in March, one pip down from February. A reading above 50.0 indicates that the service sector is generally expanding, below 50.0 that it is declining.
That made it the strongest month of March in four years. BNZ senior economist Craig Ebert said although the recent surge in house prices and sales was potentially unsustainable, "the recent hot spots likely helped the March PSI to its still-strong reading for March, via real estate, legal and financial services."..............................................Full Article: Source |