PSI at lowest since 2007

Mon, 18 May 2020

Activity in New Zealand’s services sector ground to a halt during April, according to the BNZ - BusinessNZ Performance of Services Index.A PSI reading below 50.0 indicates it is declining. April marked the lowest level of activity since the survey began in 2007 at 25.9 but BNZ senior economist Craig Ebert said it was hardly surprising. “A sizable rate of contraction is what you get when businesses are forbidden from operating, especially those with a customer-facing focus. Covid-19 has seen to that, with policy responses...

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