Economic Buzz: Japans Services PMI At 53.2 In October

4 Nov 2022 , 12:12 PM

The services sector in Japan continued to expand in October, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 53.2. Thats up from 52.2 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The growth in activity levels was reflective of current demand conditions, said panel members though firms also mentioned that a sustained COVID-19 recovery also supported the stronger upturn. At the same time, total volumes of new business grew for the second month running in October. Anecdotal evidence suggested that the governments recent launch of the Nationwide Travel Discount Program increased domestic tourist volumes while the opening of international borders supported the growth in foreign travelers. The report also showed that Japans Composite PMI rose to 51.8 in October from 5.0 in September. Overall private sector growth was underpinned by the service sector which registered solid growth in activity and new business following government actions to promote growth within the tourism industry. The manufacturing sector, in contrast, weighed on the latest upturn recording contractions in both output and new orders.Powered by Commodity Insights