New Zealand's services sector activity weakest since August 2021 due to decreased consumer spending and high interest rates.
New Zealand's services sector, which comprises two-thirds of the economy, recorded its weakest activity since August 2021, as consumer spending decreases. The Performance of Services Index (PSI) dropped to 43 in May, according to Bank of New Zealand, the lowest since Auckland was in lockdown. High interest rates have dampened household spending and activity in construction, real estate, retailing, and hospitality, reflecting signs of a struggling economy that started its recession last year.
June 17, 2024
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