Japan Services PMI Eases To 53.1 In October - Jibun

(RTTNews) - The services sector in Japan continued to expand in October, albeit at a slightly slower pace, the latest survey from Jibun Bank revealed on Thursday with a services PMI score of 53.1.

That's down from 53.3, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Business activity across Japan's service sector has now risen in each of the past seven months. Sub-sector data indicated that Finance & Insurance companies recorded the strongest rate of activity growth, followed by Transport & Storage firms. According to panel members, greater amounts of new orders and improved billings due to recent increases in charges had supported the upturn in business activity.

Whilst overall new orders continued to increase in October, the rate of growth moderated to a 16-month low and was marginal overall. At the same time, there was a further reduction in foreign demand for Japanese services, albeit with the rate of decline easing to a four month low.