New Zealand January services PMI jump into expansion at 50.4 (prior 47.9)

New Zealand’s services sector PMI from the BNZ – BusinessNZ Performance of Services Index (PSI) for January 2025

50.4, expanding again after 10 consecutive months of contraction

• prior 47.9

Sub-index Activity/Sales, highest value since March 2023

• New Orders/Business highest since February 2024
• Employment and Supplier Deliveries remained in contraction

BNZ’s Senior Economist Doug Steel:

• “the PSI is consistent with stabilisation rather than elevation, but its latest move upwards is encouraging”