New Zealand November services PMI improves but remains in contraction at 49.5 (prior 46.2)

New Zealand Performance Service Index showed contraction at a slower rate during November, coming in at 49.5 from October’s 46.2.

• November result the highest since February 2024
• the two key sub-indices of Activity/Sales and New Orders/Business are at their highest level of activity since February also

BNZ’s Senior Economist Doug Steel:

• the November result is another case of things getting less bad before they get good. The direction of change is encouraging, but it’s important to remember the PSI remains well below its long-run average of 53.1

This article was written by Eamonn Sheridan at www.forexlive.com.