BusinessNZ Performance of Services Index (PSI) falls for the month, lockdwon impacted.
BNZ remarks:
- the ongoing weakness in services overall - in contrast to the improvement we saw in last week's Performance of Manufacturing Index - fits with our thinking that any bounce in Q4 GDP will be modest, especially in comparison to the decline in Q3.
Reopening steps in NZ's largest city of Auckland should help the November result but for now, this is disappointing. At least the employment subindex held up.
