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Services Sector Grows But Jobs Fall | Auckland News
Description
New Zealand’s services sector is barely holding on — just above the 50-point mark, signaling minimal growth — but it’s not enough to lift the economy. Despite a second straight month of expansion, businesses are still slashing jobs, marking 32 consecutive months of declining employment. This drag is pulling down the whole economy as companies grapple with soaring costs, high fuel prices, rising interest rates, and election uncertainty — all worse than in manufacturing. While sales, inventories, and new orders remain steady, supplier delays and stubborn job cuts keep the outlook bleak. Growth is fragile; without hiring rebounding, unemployment won’t budge — and the question remains: can this trend reverse?
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