By Tracy Withers
Nov. 17 (Bloomberg) -- New Zealand's services industry contracted for a seventh straight month in October as sales slow and companies curb costs by not renewing contracts, crimping demand for business services.
The performance of services index was 48.7 from 46.9 in September, Bank of New Zealand Ltd. and Business New Zealand Ltd., a Wellington-based employer group, said in a statement e- mailed to Bloomberg News today. A reading below 50 indicates services industries including retail, property and health, are contracting.
To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.
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