BNZ - BusinessNZ Performance of Services Index (PSI) for April 2022 comes in little changed at 51.4 in April (from 51.6 in March).
- the long-term average is 53.6
Despite a similar overall result to the previous month, the proportion of negative comments increased from 57.5% in March to 61.9% in April.
BNZ Senior Economist Doug Steel
- "for large parts of the service sector that have been through the ringer over recent times, we suspect any result above breakeven would be welcomed. But, on the other hand, April’s result also looks somewhat disappointing in the context of easing COVID restrictions (from Red to Orange) halfway through the month."
- Supply chain issues remain a major headache for service sector firms – epitomised by the PSI supplier deliveries index still languishing around 40, more than 10 full index points below its historical average.
NZD little changed after the data release.