Financial News: Japan Private Sector Growth Accelerates In April

Japan Private Sector Growth Accelerates In April

04/23/2024 - 02:26:00 (RTTNews)

(RTTNews) - Japan's private sector grew at the joint-fastest pace in nearly a year in April driven by the improvement in services activity, flash survey results from S&P Global showed on Tuesday.

The au Jibun Bank flash composite output index rose to 52.6 in April from 51.7 in March. A score above 50.0 indicates expansion.

The service sector remained the primary driver of growth, while the deterioration in manufacturing output eased further.

The services Purchasing Managers' Index climbed to 54.6 in April from 54.1 a month ago.

The manufacturing PMI posted 49.9 in April from 48.2 in March. The score signaled a near-stabilization of manufacturing business conditions.

The forward looking indicators suggest that the expansion in activity is expected to sustain in the near-term, Jingyi Pan, an economics associate director at S&P Global Market Intelligence said.

The survey showed that new orders increased at a solid pace which fed through a sustained accumulation of backlogged work.

Business sentiment remained positive as firms ramped up hiring. There were signs of intensifying price pressures. Input prices grew at a faster pace due to higher material, energy and wage costs. Consequently, firms passed on rising costs to clients.

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