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Financial News: Japan Service Sector Slows In February - Jibun

Japan Service Sector Slows In February - Jibun

03/04/2024 - 19:54:00 (RTTNews)

(RTTNews) - The services sector in Japan continued to expand in February, albeit at a slower pace, the latest survey from Jibun Bank revealed on Tuesday with a services PMI score of 52.9.

That's down from 53.1 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

New business meanwhile continued to see growth momentum, as the rate of expansion accelerated to the strongest in six months. Growth was largely driven by domestic demand, as incoming new export business broadly stagnated in the latest survey period.

Successful hiring activities in response to improved demand conditions supported a stronger rise in employment at service providers. The rate of job creation was solid and the steepest since last May. Despite the increase in headcounts, backlogs of work also increased solidly and to the greatest extent in eight months.

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