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Reuters
Reuters
Business

New Zealand service activity rebounds in May - private survey

Pedestrians walk past containers being used for temporary shops in central Christchurch, New Zealand, in this June 14, 2014 handout photo. P John Suckling/Handout via REUTERS

WELLINGTON (Reuters) - Growth in New Zealand's services sector rebounded in May after a sluggish April, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) jumped to 58.8 from 53.2 in the previous month. The number was well above the 50 mark that denotes expansion in activity.

The data, along with robust manufacturing activity in May, bodes well for growth in the second quarter after first-quarter growth was below market and central bank forecasts.

(Reporting by Ana Nicolaci da Costa; Editing by Peter Cooney)

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