Japan's services sector goes up at the fastest pace in nearly two years

Japan's services sector goes up at the fastest pace in nearly two years

In May, activity in Japan's services sector managed to expand at the fastest pace in nearly two years, as  a private survey disclosed on Monday. It’s further evidence that demand in the world's number three economy is actually picking up.

In April, the Markit/Nikkei Japan Services Purchasing Managers Index managed to ascend to 53.0 from 52.2 on a seasonally adjusted basis.

The index was still above the 50 threshold, separating expansion from contraction, for the eighth consecutive month and demonstrated the highest value since August 2015.

In May, the index for new business tacked on to a four-year peak of 53.5 from 52.2 in March. Meanwhile, business confidence showed its highest outcome since mid-2013.

The poll also demonstrated that jobs were being created at a more rapid tempo. That’s undoubtedly positive pace for policymakers, hoping that a tightening labor market will translate into higher wages as well as stronger consumer spending in the nearer future.

 

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