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Financial News: Japan's Private Sector Expands Most In 8 Months

Japan's Private Sector Expands Most In 8 Months

08/21/2019 - 23:18:00 (RTTNews)

(RTTNews) - Japan's private sector grew at the fastest pace in eight months in August driven by services activity, survey results from IHS Markit showed Thursday.

The Jibun Bank flash composite output index rose to 51.7 in August from 50.6 in July. A score above 50 indicates expansion.

The services Purchasing Managers' Index climbed to 53.4 from 51.8 in the previous month. This was the highest score since October 2017.

Meanwhile, the manufacturing sector continued to contract. The corresponding PMI came in at 49.5 in August versus 49.4 a month ago.

Joe Hayes, an economist at IHS Markit said, preliminary data give plenty of promise that the solid growth trend seen in the GDP outturns so far this year could indeed stretch into the third quarter, providing a timely boost before the fourth quarter, which is likely to be adversely impacted by the consequences of the sales tax hike.

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