New Zealand Services Index Falls To 46.0 In March - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to contract in March, and at a faster rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 46.0.
That's down from the downwardly revised 47.6 in February (originally 48.0) and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, all five components of the survey were in contraction, including activity/sales (44.6), employment (46.4), new orders (45.7), stocks (46.2) and supplier deliveries (47.3.).
"So poor was the PSI reading that our combined PMI/PSI indicator is suggesting the economy could soon be contracting. While we are not forecasting a recession, these data support our recent decision to significantly downgrade our growth expectations for 2026," said BNZ Head of Research Stephen Toplis.
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