BNZ – BusinessNZ Performance of Services Index (PSI) fell back into contraction during December.
PSI for December was 48.8
- down 2.3 points from November
- well under the long-term average of 53.4
BNZ comment:
- “the softening in the PSI, alongside the weakness in the PMI, is bad news for both near term growth and employment in New Zealand. Tourism has been a key driver of the services sector and will continue to support the economy, but it can’t do all the heavy-lifting by itself”.
NZD/USD is little changed, sitting on its low around 0.6072
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Last we had the manufacturing PMI, also in dire straits:
