Keep calm and carry on - Nov PSI
19 December 2016
New Zealand’s services sector experienced a further pick-up in expansion during November, according to the BNZ - BusinessNZ Performance of Services Index (PSI).
The PSI for November was 57.9. This was 1.3 points up from October, and the highest result since August (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).
BusinessNZ chief executive Kirk Hope said that despite challenges for a number of businesses in recent weeks, the healthy level of overall activity for November was a welcome result.
“Comments from respondents show that for some, the recent earthquakes have presented obvious challenges. However, seasonal factors such as the lead in to Xmas and improving weather conditions have helped make the November result the second equal highest in 2016."
BNZ Senior Economist Doug Steel said that "the November PSI was a picture of strength, and contributes to the broad based growth the service sector has shown over 2016".