分析师Eamonn Sheridan：2026年初，尽管势头较上月略有放缓，新西兰服务业延续扩张态势。

　　新西兰服务业表现指数（PSI）显示，1月份该指数从12月的51.5微降至50.9。尽管仍高于50点的荣枯分水岭，但该读数环比下降0.8点，且低于52.8的长期调查均值。数据表明该行业虽在增长但幅度温和，距离强劲复苏尚有差距。

　　从细分数据看，行业表现呈现分化态势。五项关键分项指数中有两项保持扩张。其中，活动/销售以54.2领涨，显示部分企业业务量持续稳健。新订单指数也维持在51.8的扩张区间，预示一定程度的远期需求。然而，库存指数回落至49.7的收缩区间，就业指数进一步走弱至49.1，表明企业在招聘方面持续谨慎。

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