Monday 16th February 2009 |
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The Bank of New Zealand - Business NZ Performance of Services Index (PSI) fell to 42.7 last month, from 48 in December, the lowest reading since the survey began. A reading below 50 indicates a contraction.
All five diffusion indexes sank last month, with activity/sales falling to a record 37.3.
Employment dropped to 43.5 from 46.2 and new orders fell to 45.2 from 49.8. Stocks/inventories dropped to 45.7 from 49.2 and deliveries declined to 44.2 from 51.4.
The economy fell into its first recession in a decade last year and is now in its fifth quarter of contraction, according to the Treasury. The central bank slashed its official cash rate to 3.5% on January 29 and said there's room for further cuts as the global economy stumbles and inflation dissipates.
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