Service, Manufacturing sectors' growth point towards "pretty positive" economic outlook
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There’s relief after confirmation the economy, at this stage, is headed in the right direction.
The latest BNZ-BusinessNZ Performance of Services Index shows the sector —which accounts for most economic activity— grew in June.
Good results in transport and storage offset a contraction in hospitality.
BusinessNZ Chief Executive Katherine Rich told Mike Hosking this is an important result.
She says businesses are seeing customers starting to part with some of their money, although there is still some fragility when it comes to discretionary retail spend.
Rich says that when combined with the good Manufacturing Index results, this adds up to a good outlook for the economy.
But she notes things can change dramatically, saying we can't influence what happens in the Strait of Hormuz.
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