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NEW ZEALAND: Services Sector Weak But Improves In Q4

NEW ZEALAND
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Business NZ/BNZ’s performance of services index fell to 47.9 from 49.1 but the Q4 average was still 2 points higher than Q3 at 47.7 signalling that the sector contracted at a slower rate in the final quarter of 2024. All components remain under 50 though signalling continued services weakness, as is the case with manufacturing too.

  • The December drop was driven by activity, inventories and supplier deliveries. Orders were stable just below the breakeven-50 level, while employment rose 0.7 points to 47.4 (highest since August).
  • Businesses remain concerned about the cost of living and the weakness in the economy. The share of negative comments in December rose to 57.5% up from 53.6% but still lower than October’s 59.1%.
  • BNZ notes that the PSI remains below Australia’s services PMI, which is just in growth territory at 50.8. 

NZ PSI vs PMI manufacturing

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Business NZ/BNZ’s performance of services index fell to 47.9 from 49.1 but the Q4 average was still 2 points higher than Q3 at 47.7 signalling that the sector contracted at a slower rate in the final quarter of 2024. All components remain under 50 though signalling continued services weakness, as is the case with manufacturing too.

  • The December drop was driven by activity, inventories and supplier deliveries. Orders were stable just below the breakeven-50 level, while employment rose 0.7 points to 47.4 (highest since August).
  • Businesses remain concerned about the cost of living and the weakness in the economy. The share of negative comments in December rose to 57.5% up from 53.6% but still lower than October’s 59.1%.
  • BNZ notes that the PSI remains below Australia’s services PMI, which is just in growth territory at 50.8. 

NZ PSI vs PMI manufacturing

Keep reading...Show less