New Zealand services PMI for January 47.9 (prior 49.2)


BusinessNZ Performance of Services Index (PSI) dropped in January to 47.9

BusinessNZ comment:

  • the ongoing trend of contraction was typified by the influences of the Xmas period, ongoing COVID-19 related issues (including freight challenges) and a slower return to business as usual post holidays


BNZ note the negative result but see positives in public spending and construction:

  • combining last week’s very strong PMI with today’s soft PSI points to some slowing in growth
  • But we also need to factor in strong public sector jobs growth and a booming construction sector
BusinessNZ Performance of Services Index (PSI) dropped in January to 47.9

The NZD/USD is off a few points to open the week on the back of the fresh lockdown in NZ’s largest city of Auckland:

 

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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