PSI contracts on new lockdown

Mon, 14 Sep 2020

Activity in New Zealand’s services sector contracted in August on the back of the level 3 lockdown in Auckland.“With New Zealand shifting back up coivid alert levels on 12 August, it was no surprise to see August’s PSI dip,” said BNZ senior economist Craig Ebert.The BNZ-BusinessNZ performance of services index for August was 46.9, which was down 7.5 points from July. A reading above 50 indicates activity in the sector is generally expanding."The lockdown was felt throughout the country, as no region managed to show...

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