April's four-point PSI drop 'may indicate a turning point'

Mon, 15 May 2023

New Zealand’s service sector went into contraction for the first time since February last year, according to BNZ-BusinessNZ’s Performance of Services Index (PSI).The PSI for April was 49.8, down four points from March and well below the long-term average of 53.6.A reading above 50 indicates the service sector is generally expanding; below 50 that it is declining.BusinessNZ’s chief executive Kirk Hope said while the April result was only slightly in negative territory, the fact it dropped four points from March may indicate a t...

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