The New Zealand Services PMI for ocot:
- BNZ – BusinessNZ Performance of Services Index (PSI)
- dropped into contraction at 48.9 from 50.6 in September
- below the long-term average of 53.5
BusinessNZ comment on the result:
- “Despite the October result falling back into contraction, the proportion of negative comments stood at 58.2% for October, which was down from 61.8% in September and 63.9% in August. Overall, negative comments continued to be strongly dominated by the recent General Election, as well as a general slowdown in the economy”
BNZ comment:
- “combined, the PSI (48.9) and PMI (42.5) paint a picture of economic angst. This counsels caution around GDP for Q3, after it posted a surprising gain of 0.9% in Q2”
![New Zealand services pmi October 2023 2](https://images.forexlive.com/images/New%20Zealand%20services%20%20pmi%20October%202023_id_bd8214c1-543f-4665-a5ba-a7f222201db7_original.jpg)
NZD/USD is little changed around 0.5891