Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
👀 Bezos, Buffett & Berkowitz: What's in Their Portfolios? Unlock Data
Japan's service-sector activity growth hits 3-month low -PMI
Published Dec 04, 2022 07:38PM ET
Updated Dec 04, 2022 10:00PM ET
© Reuters. FILE PHOTO: A man stands at a tempura restaurant at Tsukiji Outer Market in Tokyo, Japan June 23, 2022. REUTERS/Issei Kato
TOKYO (Reuters) -Japan's service sector activity grew in November at the slowest pace in three months, as relentless inflation dampened a part of the economy that was benefiting from the return of domestic and foreign shoppers and easing COVID-19 restrictions.
The final au Jibun Bank Japan Services purchasing managers' index (PMI) fell to a seasonally adjusted 50.3 from October's 53.2, hitting the lowest since August.
The index however stayed above the 50-mark that separates expansion from contraction for a third straight month and was slightly better than the flash reading of 50.0 for November.
Behind the soft headline figure were inflationary pressures that "remained marked with rates of input cost and selling price inflation remaining well-above their respective historical averages," said economist Laura Denman at S&P Global (NYSE:SPGI) Market Intelligence, which compiles the survey.
A separate government survey on Thursday showed Japan's consumer confidence index fell in November to the lowest since June 2020 given the price inflation that marked the fastest increase in 40 years.
However, the PMI survey showed input costs for service operators rose at the slowest rate in November, indicating easing burdens for the consumer-facing sector.
"Anecdotal evidence suggested that a boost in demand following a sustained COVID-19 recovery and the launching of the National Travel Discount Programme primarily drove the sector expansion," Denman added.
The sub-index of new export businesses hit a seven-month-high, after Japan relaxed border controls in October.
The composite PMI, which is calculated by combining the manufacturing and services figures, fell to 48.9 in November from the previous month's 51.8 final, weighed by shrinking factory activity.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.