New Zealand's service industry maintains expansion for the second consecutive month, PMI drops to

New Zealand's services industry continued to expand in July. The Commercial New Zealand Services Performance Index (PSI) was 50.6, slightly lower than 50.9 in June, but higher than 48.1 in May. This is the second consecutive month that the index has remained above the 50.0 expansion and contraction dividing line. Although the performance of the services sector remains positive, the weak sub-items of employment and supplier delivery suggest that the recovery remains fragile. Business New Zealand CEO Catherine Ritchie said it was encouraging to see PSI remaining in expansion territory for the second consecutive month, despite a slowdown in growth.