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Financial News: Japan Services Secor Falls Into Contraction - Jibun

Japan Services Secor Falls Into Contraction - Jibun Bank

07/02/2024 - 20:41:00 (RTTNews)

(RTTNews) - The services sector in Japan slipped into contraction territory in June, the latest survey from Jibun Bank revealed on Wednesday with a services PMI score of 49.4.

That's down from 53.8 in May, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

The main influencing factor on the drop in total activity in June was a lack of growth in new business. Demand was broadly flat, having previously expanded for 21 successive months. Data showed that domestic demand contracted as international sales continued to rise, boosted by the weak yen. That said, the rate of growth in exports eased from May's record high.

The survey also showed that the composite index fell to 49.7 in June from 52.6 in May.

New order volumes also fell in June, albeit at a fractional rate. New business was down slightly in manufacturing and stagnated in the services sector. The year-ahead outlook for activity eased to an eight-month low, but expectations remained strong in the context of historic survey data. Reflecting this optimism, employment growth was maintained in both sectors.

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