New Zealand's services sector continued to contract in June at an increased rate, according to the latest survey from BusinessNZ. The Performance of Services Index (PSI) fell to 40.2, as reported on Monday.
This figure marks a decline from May's downwardly revised score of 42.6 (initially reported as 43.0), pushing it further below the critical threshold of 50 that distinguishes expansion from contraction.
Breaking down the components, sales stood at 35.6, employment at 45.6, new orders at 38.3, inventories at 43.5, and supplier deliveries at 41.6—all signaling substantial contraction.
“The Performance of Services Index has been significantly below average for over a year,” commented Doug Steel, Senior Economist at BNZ. “Moreover, the softness seems to be intensifying.”
