New Zealand Services PMI drops into contraction: economic angst ahead? ...Middle East

The New Zealand Services PMI for ocot:BNZ – BusinessNZ Performance of Services Index (PSI)dropped into contraction at 48.9 from 50.6 in Septemberbelow the long-term average of 53.5 BusinessNZ comment on the result:“Despite the October result falling back into contraction, the proportion of negative comments stood at 58.2% for October, which was down from 61.8% in September and 63.9% in August. Overall, negative comments continued to be strongly dominated by the recent General Election, as well as a general slowdown in the economy”BNZ comment:“combined, the PSI (48.9) and PMI (42.5) paint a picture of economic angst. This counsels caution around GDP for Q3, after it posted a surprising gain

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