New Zealand services PMI for July 2024: 44.6 (prior 40.2)

BNZ – BusinessNZ Performance of Services Index for June 2024, via BusiznessNZ, comes in at 44.6

• prior 40.7 (revised a touch higher)

The report, in summary:

• Activity in New Zealand’s services sector for July showed some improvement after a horrendous June result
• 44.6 is the highest result since May
• has averaged 46.5 so far for 2024, compared with 53.2 over the history of the survey

BNZ’s Senior Economist Doug Steel:

• “to get some perspective on how challenging the current environment is for service sector firms, it’s notable the increase in the PSI does not even get the index back to the level it was during the depths of the GFC back in 2008/09”

The Composite comes in at 44.3

• prior 40.9

NZD/USD update, circa 0.6055, back to its high late Friday.

Earlier:

• New Zealand July Manufacturing PMI 44.0 (prior 41.1)

This article was written by Eamonn Sheridan at www.forexlive.com.