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Financial News: Japan's Service Sector Growth Improves In June

Japan's Service Sector Growth Improves In June

07/02/2019 - 23:42:00 (RTTNews)

(RTTNews) - Japan's services sector maintained its growth trend in June driven by output and improved demand, survey data from IHS Markit showed Wednesday.

The Jibun Bank Japan Services Purchasing Managers' Index rose to 51.9 in June from 51.7 in May. The sector has extended its upward trend into a thirty-third month. The survey showed that output was supported by improved demand conditions. That said the upturn in order books was primarily driven by domestic clients, as overseas demand declined the most in almost two years.

Hiring increased in June, but the pace of expansion slowed to a four-month low. On the price front, data showed that the input price inflation rate slowed to a five-month low. Firms raised their selling prices only moderately in June.

Finally, business confidence remained resilient in June, matching the average seen over 2019 so far.

Signaling mild expansion in overall private sector, the composite output index edged up to 50.8 in June from 50.7 a month ago.

". second quarter PMI readings in aggregate are indicative of the economy growing at approximately 0.3 percent annually," Joe Hayes, an economist at IHS Markit, said.

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