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Financial News: Japan Services Sector Accelerates In April - Jibun

Japan Services Sector Accelerates In April - Jibun

05/06/2024 - 21:10:00 (RTTNews)

(RTTNews) - The services sector in Japan continued to expand in April, and at a faster pace, the latest survey from Jibun Bank revealed on Tuesday with a services PMI score of 54.3.

That's up from 54.1 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Total new work increased at the fastest pace since June 2023. Moreover, the rate of growth has now accelerated for six months in a row. Survey respondents typically noted improving domestic economic conditions and resilient customer demand. Export sales also provided a positive contribution to overall new business growth in April, with the latest increase the strongest for nine months.

A number of firms reported a boost to sales from inbound tourism. Service providers added to their payroll numbers for the seventh consecutive month in April, although the rate of job creation was unchanged since March. Anecdotal evidence suggested that a shortage of candidates to fill vacancies had sometimes acted as a constraint on hiring.

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