BusinessNZ Performance of Services Index (PSI) still in contraction at 48.3
sector has been in contraction for 19 consecutive monthsprior 47.6well below 52.9, the average over the history of the survey
An improvement from August then, but contraction still.
BusinessNZ’s CEO, Katherine Rich:
proportion of negative comments for September (58.0%) was down on August (59.6%) and July (58.5%)negative comments received show that the services sector continues to struggle under weak economic conditions, with low consumer confidence, reduced discretionary spending, and high living costs curbing demandfalling sales, fewer new contracts, and cautious clients delaying projects amid rising costs and ongoing uncertainty about the broader economy
BNZ’s Senior Economist Doug Steel
“in isolation, the combined PMI/PSI activity indicator warns of economic growth struggling to gain traction”.
Earlier, manufacturing also still in contraction:
New Zealand September Manufacturing PMI 49.9 (prior 49.9)
This article was written by Eamonn Sheridan at investinglive.com.