Weak sentiment continues to weigh for New Zealand's services sector

8 minutes ago

The BNZ-Business New Zealand Performance of Services Index (PSI) Index fell 1.2 points in May to 47.5.

The services sector - which makes up about three-quarters of economic activity - had another month to forget, as weak sentiment continues to weigh on activity.

The BNZ-Business New Zealand Performance of Services Index (PSI) Index fell 1.2 points in May to 47.5 - a reading below 50 indicated the sector was in contraction.

BNZ senior economist Doug Steel said it was weak across the board, with sales, new orders and employment all going backwards.