New Zealand Performance Services Index
Remarks from the report from:
BusinessNZ chief executive Kirk Hope
- “The lift in expansion for May also saw a pick up in the proportion of positive comments, which rose from 39.8% in April to 50.6% for the current month. Overall, positive comments received did not show any defining themes. Instead, comments were either industry specific or very general around increased activity”.
BNZ Senior Economist Craig Ebert
- “the bounce back in the PSI in May arguably helped calm a lot of nerves – after it sagged to 50.1 in April, and after the services component of Q1 GDP declined 0.6%. Still, this doesn’t deny the economy is on a broadly slowing trajectory, which is what’s required to take the inflationary heat out of it”.
NZD/USD is not a lot changed. The PSI tends not to be too big a market mover upon release.