more to comeNew Zealand’s services sector fifth consecutive month of contraction.
- BNZ – BusinessNZ Performance of Services Index (PSI) for June was 47.3
- 3.2 points up from May
- below the average of 52.9 over the history of the survey
BusinessNZ’s CEO, Katherine Rich:
- most of the sub-index results higher than the previous month
- sector has only seen one month of minimal expansion over a 16-month period
BNZ’s Senior Economist Doug Steel:
- “while the headline PSI measure did lift from 44.1 to 47.3, every month it remains below 50 suggests service sector conditions are getting worse not better. The timeline for New Zealand’s long-awaited economic recovery just keeps getting pushed further and further out”.
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Last week:
This article was written by Eamonn Sheridan at www.forexlive.com.
