Activity in the services sector has dropped back to below average levels, following a few months of solid activity.
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The BNZ - BusinessNZ Performance of Services Index (PSI) fell 3.5 points in July to 51.2 points.
Any reading above 50 suggests expansion, while anything below indicates contraction.
There were drops in the key indicators of new orders and sales activity, while employment and supplier deliveries contracted.
"The two key sub-indexes of new orders/business (52.5) and activity/sales (54.4) both dropped, with the former down from consecutive 60+ values," BusinessNZ chief executive Kirk Hope said.
BNZ senior economist Doug Steel said the strong bounce in services may have run out of steam.
"It is difficult to be sure from one month's data, but July's outcome is the lowest since February, has retreated further from the recent 54.9 peak set in May, and is back below average," Steel said, adding that all but one indicator was sitting below long-term norms.
"On the plus side, the PSI is still above 50 indicating some growth is occurring. However, it is at a slower pace than immediately post the move to the Orange setting."