New Zealand services PMI for June 2024: 40.2 (prior 43.0)

New Zealand Performance of Services Index for June 2024, via BusiznessNZ, performed even worse than the appalling May report.

June came in at 40.2, second month in a row the lowest level of activity for the sector for a non-COVID lockdown month since the survey began in 2007

• prior 43.0
• Employment sub index @45.6 was at its lowest point since February 2022

BNZ’s Senior Economist Doug Steel said that “the Performance of Services Index has been well below average for more than a year. Moreover, the weakness appears to be accelerating”.

NZD/USD has weakened to below 0.6100

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