New Zealand November Services PMI, 54.8

  • prior was 57.0, revised from 57.8
  • Lowest in 6 months (since May), but all of the 5 sub indices in expansion now for 6 consecutive months
nz services pmi 15 December 2014

BusinessNZ chief executive Phil O’Reilly:

  • “While overall activity was not as high as has been seen after three consecutive months of values between 57-58, the sub-indices that underpin the main result are all still positive, along with expansion across the country.
  • “Overall, given the fact that over 60% of comments received were still along a positive line confirms the sector remains in good heart”.

BNZ economist Doug Steel:

  • “There have been many drivers of service sector growth through 2014, not least the very strong net inward migration through the year. More people equals more demand.”