Business

Japan’s service sector operations expand at fastest pace in 2 years

A couple is seen sitting at an outdoor table of a restaurant in the Ikebukuro area amid the coronavirus disease (COVID-19) outbreak in Tokyo
FILE PHOTO: A couple is seen sitting at an outdoor table of a restaurant in the Ikebukuro area amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan on August 2, 2021. REUTERS / Androniki Christodoulou

December 3, 2021

TOKYO (Reuters) – Activity in Japan’s services sector grew at its fastest pace in more than two years in November thanks to a leap in new business, signaling strong consumer confidence. stronger when the coronavirus pandemic subsides.

The world’s third-largest economy has lagged other advanced nations in its recovery from the coronavirus pandemic, limiting crippling activity during times of the year.

The au Jibun Bank Japan’s final purchasing managers’ index (PMI) rose to 53.0 seasonally adjusted from 50.7 last month and the quick index 52.1.

That marks the fastest rate of expansion since August 2019.

“New orders rose for the first time since January 2020 as panel members considered lifting the state of emergency,” said Usamah Bhatti, economist at IHS Markit, which compiled the survey. boosted confidence and sales.”

“Despite growing demand and evidence of capacity pressures, Japanese service providers have reduced staffing levels for the first time since July.”

Stronger spending on dining, overnight stays and other services is likely to support the Japanese economy as persistent global chip shortages and soaring raw material prices pressure manufacturers. .

“Both manufacturers and service firms point to increased cost pressures in November,” said Bhatti.

The composite PMI, which is estimated to use both manufacturing and services, rose at its fastest pace in more than four years, rising to 53.3 from October’s last 50.7.

(Reporting by Daniel Leussink; Editing by Sam Holmes)

https://www.oann.com/japans-service-sector-activity-expands-at-fastest-pace-in-2-years/?utm_source=rss&utm_medium=rss&utm_campaign=japans-service-sector-activity-expands-at-fastest-pace-in-2-years Japan’s service sector operations expand at fastest pace in 2 years

Bobby Allyn

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