BusinessNZ performance of services index for April
- There was no March PMI published by the group.
For April at 25.9, a record contraction but given what we are seeing from PMIs around the globe this is hardly surprising. BNZ says that given businesses were forbidenn from opening (during the lock down) 'a sizable rate of contraction is what you get' …. well, yeah.
All sub indexes fell.
If there is a bright spot its that employment only fell slightly to 42.1 - the government wage subsidy of assistance holding this up in the month. Pain ahead though says BNZ, expecting the jobless rate to hit 10% by year end.
NZD down just a few tics.
