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Market Update: New Zealand Services Growth Slows from Records
The Business NZ Performance of Services Index in New Zealand fell to 56.1 in May of 2021 from a record high of 61.2 in April. The reading still pointed to an expansion in the services sector, above the long term average of 53.9. New Zealand continues to follow global trends with strong New Orders/Business (62.1) and Activity/Sales (58.7). However, Supplier Deliveries (45.1) remains solidly in contraction. BNZ Senior Economist Doug Steel said that “while the current strength in the PSI (and PMI) says good things for economic growth over coming quarters, the obvious supply side stresses suggests significant upward pressure is building on inflation”. source: Business New Zealand [/s2If]
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