Japan Services PMI Slows In June - Jibun Bank
(RTTNews) - The services sector in Japan continued to expand in June, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a services PMI score of 54.0.
That's down from the series record of 55.9 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The rate of expansion in new business also eased from the record reading in the previous survey period but was the third-fastest registered to date. The rise was among the strongest reported in the series history and was commonly attributed to the acquisition of new contracts and customers in both domestic and external markets.
As such, new export orders rose for the tenth consecutive month and at a moderate pace overall. Sustained increases in activity and new orders meant that Japanese service providers reported an increase in capacity pressure that was only slightly softer than the series record seen in May.
The survey also showed that the composite index slipped to 52.1 in June from 54.3 in May.
Aggregate new orders expanded for the fifth consecutive month during June. A sharp expansion in new business at service providers that was among the strongest on record offset a renewed contraction in manufacturing orders. Concurrently, private sector backlogs rose at a moderate pace owing to the second-steepest rise in services backlogs on record.
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