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:
- “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