BNZ - BusinessNZ Performance of Services Index (PSI) slips deeper into contraction. January at 45.9 (prior 49.7)

  • lowest since October 2021
  • six consecutive months of contraction for this index (which last happened in 2008 during the GFC)

Sub-indexes

  • New Orders/Business (41.8) and Activity/Sales (44.1) both experienced a significant drop in activity levels
  • Employment (48.1) at its lowest point since January 2021

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Food price inflation in January jumped, +2.7% m/m (expected +0.4% & prior +0.6%). The price of food makes up just under 20% of the NZ CPI.

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NZD not much moved.