Japan's service sector continued its growth streak in December, fueled by strong demand and business expansion. The final au Jibun Bank Service purchasing managers' index (PMI) rose to 50.9, staying above the 50.0 threshold separating expansion from contraction. New business bookings increased, employment grew for the 15th consecutive month, and business sentiment remained positive, although slightly tempered from November.
A man uses a phone as he pauses while cleaning the floor at a fish farm, where people can come and catch fish in artificial ponds and then cook and eat them at an adjoining restaurant, after the facility was flooded during Typhoon Shanshan in Yufu, Oita prefecture, southwestern Japan August 30, 2024.
"December data revealed a positive month for the Japanese service sector, with sustained rises in both business activity and new business," said Usamah Bhatti, economist at S&P Global Market Intelligence. Business sentiment stayed positive in December although the level of optimism softened slightly from November. Firms in the survey are hopeful demand and activity will grow over the coming year.
Japan Service Sector Expansion PMI Economy
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