New Zealand’s services sector increased its expansion during May, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for May was 53.3 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining). This was up 3.2 points from April, but still below the long-term average of 53.6 for the survey. BusinessNZ chief executive Kirk Hope said that the lift in expansion was welcomed after a dip in April. In terms of the sub-index results, all five measures showed expansion with Stocks/Inventories (56.8) leading the way, followed by New ... (full story)