Services activity cools in June

(Image: Getty)

Mon, 17 Jul 2023

New Zealand’s services sector activity cooled in June without completely coming off the boil. The BNZ-Business NZ’s seasonally adjusted performance for services index (PSI) remained just in expansionary territory at the start of winter with a reading of 50.1, down from 53.1 in May. Activity in the services sector, which accounts for more than two-thirds of the economy, hasn’t dipped into contractionary territory since February 2022, despite gross domestic product (GDP) shrinking in the most recent December and March...

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