FX.co ★ New Zealand Services PMI Eases to 3-Month Low

New Zealand’s BusinessNZ Performance of Services Index fell to 48.0 in February 2026 from a downwardly revised 50.7 in January, signaling the first contraction in services activity since November and highlighting the fragility of recent economic momentum. Most sub-indices softened: activity/sales dropped to 47.9 from 53.8, new orders slipped to 49.3 from 51.6, employment eased to 47.2 from 49.0, and stocks declined to 46.7 from 49.4. The delivery times index also edged down to 48.7 from 49.4, indicating quicker supplier deliveries. Looking ahead, the March survey will be the first to reflect any business impact from the turmoil in the Middle East, suggesting that expectations for a near-term rebound may be premature.