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...

More Economy

Weaker than expected jobs data won't move the rate cut dial
Economy

Weaker than expected jobs data won't move the rate cut dial

The March quarter jobs data was gloomier than expected.

Rebecca Howard 01 May 2024
Cautious lending keeps lid on default rates – Reserve Bank
Finance

Cautious lending keeps lid on default rates – Reserve Bank

Non-performing mortgages have overtaken Covid levels.

Jem Traylen 01 May 2024
Business confidence still falling
Economy

Business confidence still falling

Business confidence fell eight points to 15 in the latest ANZ NZ Business Outlook survey as cost pressures continue to bite. According to Westpac Bank senior economist Satish Ranchhod, a net 20% of firms reported their trading activity has declined over the past year. “That’s the...

Staff reporters 30 Apr 2024
Returning GST to councils would cover 'infrastructure cost increases' to councils
Economy

Returning GST to councils would cover 'infrastructure cost increases' to councils

Returning GST to councils would help councils out a lot, Infometrics says.

Dileepa Fonseka 30 Apr 2024