Service sector activity has plummeted to its lowest level outside the Covid lockdowns. 

The BNZ-Business New Zealand Performance of Services Index (PSI) fell 3.6 points in May to 43.0. 

Business NZ Chief Executive Kirk Hope told Heather du Plessis-Allan “It’s consistent with other data – like profit margins being below pre-Covid rates.” 

Hope said “Corporate insolvencies are around the same level as during the GFC – it's a pretty tough time.” 

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