New Zealand March services PMI plummets back into contraction at 47.5 (prior 53.0) ...Middle East

New Zealand’s services sector fell back into contraction during March. The BNZ – BusinessNZ Performance of Services Index (PSI) comes in at 47.5:prior 53.0long-term average is 53.4BNZ’s Senior Economist Doug Steel:“combining today’s weak PSI activity with last week’s similarly weak PMI activity, yields a composite reading that would be consistent with GDP falling below by more than 2% compared to year earlier levels. That is much weaker than what folk are forecasting”. This article was written by Eamonn Sheridan at www.forexlive.com.

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