New Zealand services PMI for November jumps into expansion

BNZ – BusinessNZ Performance of Services Index (PSI) for November is 51.2, jumping into expansion from October's 49.2.

The long-term average of this is 53.5.

BNZ Senior Economist Doug Steel:

• “despite November’s lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and rising inventories raises questions about the sustainability of the nudge higher”

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Last week was a disappointing manufacturing PMI from NZ:

• New Zealand data: November manufacturing PMI 46.7 (up from 42.5 in October)