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Financial News: Japan Services Sector Swings To Expansion In October

Japan Services Sector Swings To Expansion In October - Jibun

11/03/2021 - 20:38:00 (RTTNews)

(RTTNews) - The services sector in Japan moved into expansion territory in October, the latest survey from Jibun Bank revealed on Thursday with a services PMI scire of 50.7.

That's up from 47.6 in September and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Japanese services companies reported an increase in business activity for the first time since the start of last year in October. Activity returned to expansion territory for the first time since January 2020, as COVID-19 restrictions were eased amid a reduction in infections.

Moreover, firms reported a third consecutive increase in employment levels as demand gradually recovered from the disruption caused by the pandemic. As a result, service providers were increasingly confident that business conditions would recover in the year ahead.

The survey also showed that the composite index improved from 47.9 in September to 50.7 in October.

Japanese services firms recorded growth in activity for the first time since January 2020, while manufacturers reversed the decline noted in September. The 12-month outlook for output reached a series high in October (since 2012).

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