New Zealand’s Services PMI for May remains in deep contraction at 44.0 vs. prior 48.1

• BNZ – BusinessNZ Performance of Services Index (PSI) + PMI are “consistent with the economy returning to recession”
  

BNZ – BusinessNZ Performance of Services Index (PSI)

For May 2025, 44.0, lowest level of activity since June 2024

• prior 48.1
• long-run average 53.0

BNZ’s Senior Economist Doug Steel (bolding is mine):

• “the fall in the PSI follows the sharp decline in the Performance of Manufacturing Index (PMI) from 53.3 to 47.5. Together, they are consistent with the economy returning to recession. We’re a long way from forecasting this, but the data are a reminder of just how vulnerable the economy currently is”

NZD/USD is not doing a real lot on the data release.