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Monday, June 21, 2021

New Zealand services PMI for April 61.2 (prior 52.4)

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BusinessNZ Performance of Services Index (PSI)

Analysts had noted the upside risk for this indicator given that COVID-19 restrictions in New Zealand were would back to level 1 in April. Good call.

Commentary from the report:

BusinessNZ chief executive Kirk Hope:

  • “Australia, the UK and the USA are also posting post-60 results at present, which is indicative of the global economy slowly but surely getting back to some form of normality through increased business activity”.

BNZ Senior Economist Doug Steel

  • “the Achilles heel of the PSI remains supplier deliveries.  Given supply issues obviously remain a significant issue for many, especially when viewed alongside very strong demand side indicators at present, it points to significant upwards pressure on prices”.   

 more to come  
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