New Zealand, services PMI for March: 52.9 (prior 53.6)

Author: Eamonn Sheridan | Category: News

Business NZ / BNZ Performance of Services Index for March 2019:

52.9 
  • prior 53.6, revised from 53.8
  • 52.9 is the lowest level since December 2012
  • Long term average is 54.5

BusinessNZ chief executive Kirk Hope:

  • New orders/business (54.9), which is a key component to overall activity, dropped to its lowest point since September 2012. 
  • Activity/sales (52.5) also slipped further
  • proportion of positive comments for March (55.8%) was up on February (52.4%) and January (54.0%)

BNZ Senior Economist Doug Steel:

  • PSI trends remain ok
  • a slower March reading heightens focus on the next few months to see if the slower pace is transitory or not

Business NZ / BNZ Services PMI for March 2019---
Little change for the NZD … this data pint does not tend to move the currency much upon release. 

Last week we got the manufacturing PMI from this group, link.  

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