PSI downturn could herald 'return to recession'

Kirk Hope, little in the way of recovery. (Image: file)

Mon, 18 Sep 2023

BusinessNZ says the dip in August's performance of services index – the third in succession – could signal a return to recession, clashing with Treasury's moderate growth forecasts.The index (PSI) came in at 47.1 for the month, below the baseline of 50, which indicates an expansionary service sector, down 0.9 points on the prior month and well under the long-term average of 53.5. That was after slipping to 48.0 in July.Kirk Hope, chief executive of the business advocacy group, said the August result showed "little...

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