New Zealand services PMI for March 52.4 (prior 49.1)
BNZ - BusinessNZ Performance of Services Index (PSI)
- 52.4 in March 2021 from 49.1 in February
- into expansion for the first time in 5 months
- highest since July 2020 (still under its long-run average of 53.8)
BusinessNZ chief executive Kirk Hope
- "Any sustained shift towards the services sector exhibiting ongoing expansion will need to see activity/sales and new orders remaining near or above their long term average results to continue momentum".
BNZ Senior Economist Craig Ebert
- "as decent as New Zealand's PSI was for March, with its 52.4, it was shy of where the global PSI got to for the month, namely 54.7. Of course, it's all relative to recent history, which for many countries abroad has meant a lift out of a hole rather than onto a podium".
NZD is barely moved on the data, it is usually non-responsive to this data point release.