Service sector weakness is accelerating

Sales volumes are still hurting. (Image: Getty)

Mon, 15 Jul 2024

According to the BNZ – BusinessNZ Performance of Services Index, activity in New Zealand's services fell even further in June.The June Performance of Services Index (PSI) was 40.2, down 2.4 points from May. A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 indicates a decline.BNZ's senior economist, Doug Steel, said the index has been below average for over a year. “Moreover, the weakness appears to be accelerating.”Retail trade stands out, he said. He said official figu...

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