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Financial News: Japan Service Sector Accelerates In January - Jibun

Japan Service Sector Accelerates In January - Jibun

02/04/2024 - 20:13:00 (RTTNews)

(RTTNews) - The service sector in Japan continued to expand in January, and at a faster pace, the latest survey from Jibun Bank showed on Monday with a services PMI score of 53.1.

That's up from 51.5 in December, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Along with higher activity, these factors helped drive a further increase in new business received, extending the current sequence of growth to 17 months. Moreover, the expansion extended to international markets as growth in foreign demand for Japanese services was registered for the first time in five months amid improvements in the tourism sector, notably air travel.

Service sector firms signaled that outstanding business rose for the third consecutive month in the latest survey period. The rate of accumulation was moderate and the strongest seen since last June, with firms often citing additional pressure on capacity amid continued growth in new orders.

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