Economic Buzz: Japans Services Sector Expands In June

5 Jul 2022 , 12:18 PM

Japans service sector expanded at the sharpest pace in more than eight years in June amid the lifting of remaining domestic COVID-19 restrictions, survey results from S&P Global showed. The Jibun Bank services Purchasing Managers Index advanced to 54.0 in June from 52.6 in May. The index signaled the fastest growth since October 2013. Service providers registered a fresh record rise in average cost burdens due to steep increases in raw material and fuel costs. The rise in input prices contributed to a steeper growth in prices charged for services, which advanced the most since October 2019. The Jibun Bank composite output index, which measures combined output in the manufacturing and services sectors, rose to 53.0 in June from 52.3 in May. The score suggested the fastest expansion in the private sector in seven months.Powered by Commodity Insights