The services sector in Japan continued to expand in January, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 52.3.
That’s up from 51.1 in December and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Anecdotal evidence suggested that the recovery from the COVID-19 pandemic continued in January thanks to the easing of restrictions. A number of respondents indicated that the National Travel Discount Program had added an extra boost to domestic travel. As well as helping to boost activity, these factors also supported new business at the start of the year.
The survey also said that the composite index improved to 50.7 in January from 49.7 in December.
Growth was centered on the service sector, where activity increased for the fifth month running, and at a faster pace. Although manufacturing production continued to fall, the rate of decline eased to a three-month low.
The material has been provided by InstaForex Company – www.instaforex.com
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