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Financial News: Japan Service Sector Growth Weakens In October

Japan Service Sector Growth Weakens In October

11/06/2023 - 01:33:00 (RTTNews)

(RTTNews) - Japan's service sector grew at the softest pace in the year-to-date period in October amid deteriorating demand conditions, survey results from S&P Global showed on Monday.

The au Jibun Bank final services Purchasing Managers' Index fell to 51.6 in October from 53.8 in September. The reading was above the flash score of 51.1.

Nonetheless, the index remained above the 50.0 no change mark for the fourteenth successive month in October.

There was an improvement in customer numbers and consumption. But the pace of expansion in new business was the weakest in nine months.

Although business sentiment weakened from September, it remained above the series average again. Further, employment at service providers increased in October.

On the price front, the survey showed that input prices increased at a marked pace. In response, selling prices were raised. However, rates of inflation softened.

"We will therefore hope to see services demand start to regain momentum over the coming months to help maintain output growth in the sector itself, and more widely," Andrew Harker, economics director at S&P Global Market Intelligence said.

At the same time, the final composite output index posted 50.5 in October, down from 52.1 in September. The flash reading was 49.9. The reading signaled the weakest expansion in the current sequence of rising output.

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