New Zealand services PMI for November jumps into expansion

<p> BNZ – BusinessNZ Performance of Services Index (PSI) for November is 51.2, jumping into expansion from October's 49.2.</p><p>The long-term average of this is 53.5.</p><p>BNZ Senior Economist Doug Steel:</p><ul><li>“despite November’s lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and rising inventories raises questions about the sustainability of the nudge higher”</li></ul><p>—</p><p>Last week was a disappointing manufacturing PMI from NZ:</p><ul><li><a href="https://www.forexlive.com/news/new-zealand-data-november-mauu-pmi-467-up-from-425-in-october-20231214/" target="_blank" data-article-link="true">New Zealand data: November manufacturing PMI 46.7 (up from 42.5 in October)</a></li></ul>

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