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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: New Zealand services sector perks up in Dec. - survey Reuters - 2 hours 27 minutes ago WELLINGTON, Jan 26 - Activity in New Zealand's services sector improved slightly in December, but remained in contraction as recession made consumers cautious, a survey showed on Monday. The Bank of New Zealand-Business NZ's performance of services index rose 0.7 points to 48 last month. The index, which is not seasonally adjusted, has been below 50, the level indicating contraction, since April last year. It is down 5.9 points on the same month a year ago. Business NZ said the outlook for the sector was negative. "Results have remained in a consistent band showing contraction, which will most likely continue through to 2009," said Business NZ's chief executive, Phil O'Reilly. Four of five sub-indices remained in contraction with the employment sub-index showing the steepest decline. Supplier deliveries was the only category to expand. The New Zealand economy fell into its first recession in a decade in the first half of last year and many analysts believe it will continue into the middle of this year. The Reserve Bank of New Zealand, which has slashed interest rates by a total of 325 basis points since last July, is expected to cut by a further 1 percentage point on Thursday to a record low 4 percent. 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 Corus to announce up to 2,500 UK job cuts: reportReuters - 25 minutes ago Japan Hot Stocks- Toyota, Komatsu, InpexReuters - 17 minutes ago U.S. bankers avoid glitz of Davos, image a concernReuters - 34 minutes ago SNAPSHOT - Financial Crisis - 0025 GMTReuters - 37 minutes ago Bahamas resort lays off 181 as crisis cuts tourismAP - 40 minutes ago Most Popular – Business Viewed Child matador kills six bulls in Mexico 'Dogs don't wear condoms,' says Baywatch star Anderson Hudson 'miracle' pilot gets hero's homecoming Ring of fire: Indian Ocean to see solar eclipse World crisis deepens as downturn bites in Asia View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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