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.”

LISTEN ABOVE.

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.” 
LISTEN ABOVE.

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

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