PSI release shows service sector dropping into contraction

PSI release shows service sector dropping into contraction
The service sector has dropped back into contraction. (Image: Getty)
Staff reporters
The service sector contracted in March and the combined measure of manufacturing and service sector health has declined to its lowest level in a year.BNZ and BusinessNZ's Performance of Services Index (PSI) fell to 47.5 in March from 52.6 in February.PSI is a monthly survey of service businesses. A PSI number above 50 indicates expansion while below 50 indicates contraction.The PSI has only been below 50 in one other month over the past year and that was in December, when it fell to 48.9.BusinessNZ chief executive Kirk Hope said t...

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