2019.02.1716:45:00UTC+00New Zealand Services PMI Jumps In January - BusinessNZ

The services sector in New Zealand continued to expand in January, and at a faster pace, the latest survey from BusinessNZ revealed on Monday with a Services PMI score of 56.3.

That's up from 53.2 in December, and it moves further above the boom-or-bust level of 50 that separates expansion from contraction.

Among the individual components, supplier deliveries, new orders, employment and sales all expanded, while stocks and inventories fell barely into contraction.

"January's PSI suggests that the services sector is still chugging along relatively well, as we head into 2019, rather than fading as a backbone to GDP growth," said BNZ Senior Economist Craig Ebert.