Services and Composite PMIs from Japan
Japan’s services sector continued to expand in August, though at a slightly slower pace, with the S&P Global Services PMI easing to 53.1 from 53.6 in July.The services sector’s resilience offset manufacturing weakness, lifting the composite PMI to 52.0, the strongest since February.
From the report, in summary:
Domestic demand remained strong, driving the fastest rise in new orders since February, but foreign demand contracted at its sharpest rate in more than three years. Employment fell for the first time since September 2023 as firms cited staff resignations, pushing backlogs to a two-year high. Input costs climbed again, squeezing margins as competitive pressures limited firms’ ability to pass on higher prices. Still, business confidence improved on expectations of stronger demand and planned expansions.
This article was written by Eamonn Sheridan at investinglive.com.