BusinessNZ Performance of Services Index (PSI) dropped in January to 47.9
- prior revised to 49.1
BusinessNZ comment:
- the ongoing trend of contraction was typified by the influences of the Xmas period, ongoing COVID-19 related issues (including freight challenges) and a slower return to business as usual post holidays
BNZ note the negative result but see positives in public spending and construction:
- combining last week's very strong PMI with today's soft PSI points to some slowing in growth
- But we also need to factor in strong public sector jobs growth and a booming construction sector
The NZD/USD is off a few points to open the week on the back of the fresh lockdown in NZ's largest city of Auckland:
