InfoAnda - NZ services sector perks up in Oct-survey

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ services sector perks up in Oct-survey Reuters - 2 hours 26 minutes ago WELLINGTON, Nov 17 - Activity in New Zealand's services sector rose for the first time in four months in October, but the sector was still struggling in the face of recession and a deteriorating outlook, a survey showed on Monday. The Bank of New Zealand-Business NZ's performance of services index rose 1.8 points to 48.7 last month. The index has been below 50 point, the level indicating contraction, since April this year. It is down 9.7 points on the same month a year ago. "Improving weather conditions have provided a boost for some firms, while there are some who are enjoying greater levels of activity as their competitors are forced to wind up their business," said Business NZ chief executive Phil O'Reilly. A fall in two of the five sub-indices -- sales and employment -- dragged down the overall PSI, but there was a slight improvement in new orders and deliveries. The Reserve Bank of New Zealand is expected to cut interest rates by as much as 100 basis points to 5.50 percent at its next monetary statement in December, as it looks to cushion the New Zealand economy from the global economic slowdown. The survey, based on responses from more than 300 service sector companies, mirrors a long-established poll for manufacturing also conducted by Business NZ. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Japan's economy shrinks in 3Q; enters recessionAP - 49 minutes ago Palm oil prices to plunge due to oversupply, lower demand: reportAFP - 1 hour 10 minutes ago Financial overhaul added to Obama's to-do listAP - 1 hour 15 minutes ago BHP maintains iron ore output amid deferralsReuters - 1 hour 23 minutes ago Pakistani rupee seen stabilising after IMF agreementReuters - 1 hour 28 minutes ago Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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