New Zealand services PMI for November 53.7 (prior 57.4) | Forexlive

BNZ – BusinessNZ Performance of Services Index for December 2022 is 53.7

• prior 57.4
• longer term average is 53.6

Down but firmly in expansion.

BusinessNZ chief executive Kirk Hope

• “With its sister survey the PMI again showing contraction in November and economic headwinds approaching, the easing of expansion in activity is not unexpected. Also, with the Global PSI result of 48.1 at a 29-month low, it will be a tall order for the New Zealand services sector to continue the overall trends experienced during the second half of 2022”.

BNZ Senior Economist Craig Ebert

• “November’s PSI proved, for the third month running, to be an important counterpoint to the weakening PMI. It looks as though the services industries – just like they did in Q3 – will more than make up for any weakness in manufacturing in Q4, such that GDP for that quarter manages an expansion”.