New Zealand’s BusinessNZ Performance of Services Index (PSI) rose to 48.3 in September 2025 from 47.6 in August, but remained well below the long-term average of 52.9, extending its contraction streak to 19 consecutive months. Among the sub-indexes, both Activity/Sales (47.8 vs 46.2) and New Orders/Business (49.6 vs 47.8) improved from August but remained in contraction territory. Meanwhile, employment declined further (47.8 vs 48.3). The share of negative comments eased slightly, falling to 58.0% in September from 59.6% in August. Service providers continued to struggle under weak economic conditions, with low consumer confidence, reduced discretionary spending, and high living costs curbing demand.