BNZ - BusinessNZ Performance of Services Index (PSI).
PSI for August 58.6
- up 4.2 points from July (July's 54.4 has been revised substantially higher from 51.2)
- its highest since April 2021
- well above its long-term average of 53.6
BNZ Senior Economist Doug Steel
- overall, combining August’s strong PSI with last week’s firmer PMI yields a composite index (PCI) that suggests annual GDP growth up toward 5% in Q3 2022. We currently forecast 5%+ for that period but that strength is mostly a function of the very weak base period. If the PCI is truly bouncing, the key question is for how long?
