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Financial News: New Zealand Services PMI Improves To 49.2 In

New Zealand Services PMI Improves To 49.2 In December - BusinessNZ

01/25/2021 - 16:45:00 (RTTNews)

(RTTNews) - The services sector in New Zealand continued to contract in December, albeit at a slower pace, the latest survey from BusinessNZ showed on Tuesday with a Performance of Services Index score of 49.2.

That's up from 46.7 in November, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components, sales, employment and new orders all expanded, while supplier deliveries and inventories were in contraction.

"Activity indicators such as these have had their work cut out lately, in trying to nail GDP to the nearest percent. In any case, the composite index is consistent with our view that NZ real GDP will be broadly flat over the six months to March 2021," BNZ Senior Economist Craig Ebert said.

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