New Zealand’s services sector fell back into contraction in March. The BNZ – BusinessNZ Service Performance Index (PSI) stands at 47.5:
- before 53.0
- the long-term average is 53.4
Doug Steel, BNZ Senior Economist:
- “Combining today’s weak PSI activity with last week’s equally weak PMI activity yields a composite reading that would be consistent with GDP falling more than 2% below l ‘last year. “It’s a lot weaker than people are predicting.”
This article was written by Eamonn Sheridan at www.forexlive.com.
cnbctv18-forexlive
