Japan Services PMI Fades In September - Jibun
2024-09-23
3607
(fxcue news) - The services sector in Japan continued to expand in September, albeit at a slower pace, the latest survey from Jibun Bank revealed on Thursday with a services PMI score of 53.1.
That's down from 53.7 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Total new work increased modestly in September. The rate of growth eased for the second successive month but remained above the long-run survey trend. Demand growth was steepest in transport and storage while Information & Communication posted a decline.
Exports provided support to overall demand in September, though the latest rise was only marginal. Firms reported new international business linked to demand across parts of Asia, but also signaled weakness in key markets such as mainland China.
The data also said the composite PMI slipped to 52.0 in September from 52.9 in August.
New business volumes expanded again in September, albeit at slower pace than that in August. Higher order books were driven by the service sector, while manufacturers indicated a modest fall in new work.
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