NZ Services PMI Holds Recovery, but Employment Weakness Persists

New Zealand's BNZ–BusinessNZ PSI remained in expansion at 50.6 in July, down slightly from 50.9 in June. Activity/Sales rebounded to 50.5, entering expansion for the first time in six months, while Stocks/Inventories strengthened to 51.6. However, employment components continue to decline, signaling labor market weakness despite services sector recovery. This divergence affects NZD outlook.