Services sector looking bleak

Mon, 15 Feb 2021

The BNZ-BusinessNZ Performance of Services Index continues to signal that all is not well in the services sector, despite other data looking strong.Activity in the services sector remained in contraction for a third consecutive month, with the PSI for January coming in at 47.9, which was down 1.2 points from December. It also remained well below the long-term average of 53.8 for the survey.While a strong bounce in the third-quarter GDP data and solid 4Q labour market data shows the NZ economy is in a better place than expected “that...

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