JEQ - Japan Services PMI remains in expansion territory but revised downward to 54.0 in June
2023-07-05 02:41:11 ET
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The au Jibun Bank Flash Japan Services Business Activity Index was revised lower to 54.0 in June 2023 from 54.2 in the flash estimates, and after a record-high of 55.9 in May, signaling the softest upturn in activity for four months but one that was still strong overall.
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New orders continued to grow, with new export orders rising for the tenth consecutive month and at a moderate pace overall.
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Also, employment moderated while backlogs of work increased at a slower rate.
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“The Japanese services economy signaled that demand conditions remained positive during June,” Usamah Bhatti, Economist at S&P Global Market Intelligence, said in a Wednesday release.
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Both business activity and new business were among the highest in the series history, Bhatti noted.
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Finally, sentiment stayed positive despite the reading weakening to a three-month low on hopes further economic recovery boosted domestic and external demand.
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Earlier this week, Japan manufacturing sector shrinks in June on soft orders .
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Japan Services PMI remains in expansion territory but revised downward to 54.0 in June