The services sector in New Zealand continued to contract in February, albeit at a slower rate, the latest survey from BusinessNZ revealed on Tuesday with a Performance of Services Index score of 48.6.

That’s up from 46.0, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components of the survey sales (50.7) and new orders (53.6) were in expansion territory, while supplier deliveries (34.4) and employment (45.0) contracted and stocks/inventories was stagnant at 50.0.

“February marks the PSI’s seventh consecutive month below the breakeven 50 mark. Pain is accumulating. While there were some overs and unders in the components, all remain below their respective long-term averages,” BNZ Senior Economist Doug Steel said.