NZ services sector still contracting, but a bit better in February

New Zealand's services sector improved marginally in February from January, but is continuing to contract, the BNZ Capital - Business NZ Performance of Services Index (PSI) shows. The index rose to 46.3 in February from the record low 42.7 in January, but remains below the 50 threshold for contraction or expansion. Here's some more comment from BNZ and Business NZ.

Despite an improvement in activity levels for February, the service sector remains in contraction, according to the BNZ Capital - Business NZ Performance of Services Index (PSI) BNZ Capital economists say the contraction was most pronounced in retail and hospitality "“ areas that depend on discretionary spending and are sensitive to the state of tourism