New Zealand August Services PMI 47.5, down from previous 48.9

BNZ – BusinessNZ Performance of Services Index (PSI).

PSI for August was 47.5, has now been in contraction for 18 months

• 1.4 points lower than July
• the average is 52.9 over the history of the survey

• “Service sector businesses reported widespread pressures from inflation, high interest rates, cost-of-living impacts, and weak consumer confidence, all contributing to reduced demand and spending. Other concerns included seasonal slowdowns, rising operating costs, supply chain disruptions, and government policy uncertainty. “

BNZ’s Senior Economist Doug Steel:

• “across the economy, we still believe the general signs of a turning point are there. However, there is a very real risk any ensuing bounce takes longer than currently expected”.

This article was written by Eamonn Sheridan at investinglive.com.