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Financial News: Japan Service Sector Ebbs In May - Jibun

Japan Service Sector Ebbs In May - Jibun Bank

06/04/2024 - 20:34:00 (RTTNews)

(RTTNews) - The services sector in Japan continued to expand in May, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a services PMI score of 53.8.

That's down from 54.3 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Total new work increased solidly in May. The rate of growth eased for the first time in seven months but remained well above the long-run survey trend. Demand growth was fastest in information and communication and finance and insurance.

Exports provided a boost to overall demand in May, with the latest rise the strongest since the series was added to the services PMI survey in September 2014. Firms reported new international business linked to tourism and the weak yen.

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