New Zealand’s services sector back into contraction during February.
BNZ – BusinessNZ Performance of Services Index (PSI) for February was 49.1
- from January’s 50.4
- long run average is 53.0
The February manufacturing PMI remained in expansion.
BNZ’s Senior Economist Doug Steel on the PSI:
- “while one might have hoped that the PSI would move higher again, we know that economic turning points can be messy. The brief foray above 50 in January remains the only month in the last year the PSI hasn’t been in contraction”.
This article was written by Eamonn Sheridan at www.forexlive.com.
