2018.08.1303:22:00UTC+00New Zealand Services Growth Improves In July

New Zealand's service sector growth accelerated in July after easing in the previous month, survey figures from Business NZ showed Monday.

The performance of services index, or PSI, climbed to 55.1 in July from 52.7 in June. Any reading above 50 indicates expansion in the sector.

Among components, activity and new orders grew at faster rates in July, while employment contracted for the first time since January 2013.

Business NZ chief executive Kirk Hope said that while it was good to see overall expansionary levels not dropping further, there were still elements of the July result that gives pause for thought.