BusinessNZ Performance of Services Index (PSI) for February is 53.0, from January's 52.2 (revised up from 52.1)

53.0 is highest since March 2023

3 of past 4 months in expansion

BNZ comment:

  • “when we combine the PMI and PSI together to get an indicator of activity, there is a strong suggestion of growth returning later this year. The turnaround occurs a little stronger and earlier than we are forecasting but, whatever the case, it is a heartening sign”.

BNZ referring to the manufacturing PMI, published last week:

psi services pmi New Zealand 18 March 2024 2

NZD/USD is barely altered after the data point (it rarely is after this) circa 0.6086