New Zealand’s services sector slipped back into contraction during February, according to the BNZ – BusinessNZ Performance of Services Index (PSI). The PSI for February was 49.1 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining). BusinessNZ’s CEO, Katherine Rich said that unlike its sister survey in the manufacturing space that kicked on in terms of expansion during February, the PSI reverted back to what the services sector had experienced from March to December.