BusinessNZ Performance of Services Index (PSI) bumps up a little after its worst ever result in April.
May is at 37.2, still deeply in contraction
BusinessNZ chief executive Kirk Hope
- "The proportion of negative comments for May (72.9%) did drop from 91% in April. Looking ahead, around two-thirds of June will be at level 1, so we would expect ongoing improvements in activity in the months ahead"
BNZ Senior Economist Doug Steel
- "we'd caution that just being allowed to open doesn't guarantee more activity. Standing back, there is no denying the outright level of the PSI remains woeful and still sits well below the lows at around 45 recorded during the 2008/09 recession".
