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New Zealand’s BusinessNZ Performance of Services Index (PSI) declined to 46.9 in November 2025 from 48.4 in October, sinking deeper into contraction and marking its weakest reading in six months. The index remained well below its long-term average of 52.8. All five sub-indices were in contraction, with Activity/Sales (45.8) posting the sharpest deterioration, while New Orders/Business (49.3) edged slightly higher but remained below the breakeven level. Employment (46.4) also weakened from October. Despite the deeper contraction in November, the share of negative comments eased to 52.9%, down from 54.1% in October and 58.0% in September. Respondents continued to cite a challenging economic backdrop, pointing to weak consumer confidence, high living costs, inflation, elevated interest rates, and reduced discretionary spending as the primary factors weighing on services sector activity.