New Zealand services sector expands for fourth month as September PSI slips to 50.9

New Zealand's services sector posted modest growth for the fourth straight month in September, though momentum remained fragile. The BNZ-BusinessNZ Performance of Services Index edged down to 50.9 from 51.0 in August, holding just above the 50.0 boom-or-bust mark. Forward demand showed strength with new orders rising to 52.6 and inventories reaching 52.3, while activity and sales recorded 50.2. However, employment fell to 49.8, supplier deliveries registered 49.4, and retail dropped to 47.4. The combined composite index rose to 51.6, leaving NZD/USD largely flat amid signs of an uneven economic recovery.