He New Zealand service performance index (PSI) rose into expansion territory, improving to 52.1 in January from the previous reading of 48.8, Business NZ reported.
This is the best score recorded by the indicator in eight months, specifically since May 2023.
About Business NZ Services Performance Index (PSI)
The Business NZ Performance of Services Index (PSI), published monthly by Business NZ, is a leading indicator of business activity in New Zealand's services sector. The data comes from surveys conducted with senior executives of private sector companies. Survey responses reflect the change, if any, in the current month compared to the previous month and may anticipate trend changes in official data series such as Gross Domestic Product (GDP), industrial production or employment. The index varies between 0 and 100, with levels of 50.0 indicating that there have been no changes compared to the previous month. A reading above 50 indicates that the service economy is generally expanding, a bullish sign for the New Zealand dollar (NZD). Meanwhile, a reading below 50 signals that activity among service providers is generally declining, which is considered bearish for the NZD.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
