Japan Jibun Services PMI for August 2024: 53.7 vs. prior 53.7

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In summary from the report commentary:

• August saw continued positive growth in Japan’s service sector, with increases in both activity and new business.
• The growth rate in activity remained steady, while the expansion of new orders slowed.
• Employment rose for the eleventh consecutive month, though the rate of increase slowed to a seven-month low.
• Business optimism remained strong, but also eased to a 19-month low.
• The Japanese private sector showed overall improvement, with the strongest growth since May 2023.
• New orders continued to grow, but rising output was partially due to clearing backlogs, which decreased at the fastest rate in three years.
• Firms remained confident about future output, but optimism weakened to its lowest level since January 2023, with concerns about labor shortages.

On price pressures:

• The latest survey data signalled a strong increase in average
  cost burdens facing service sector firms. The rate of inflation
  was little-changed from July and often attributed to higher
  wage, material and transport costs. Firms opted to partially
  absorb some of these costs, but prices charged for Japanese
  services rose at the softest rate since last November.

The flash reading for this is here:

• Japan data – August flash Manufacturing PMI 49.5 (prior 49.1) Services 54.0 (prior 53.7)

And, the final manufacturing PMI for August is here:

• Jibun Bank Japan manufacturing purchasing managers index 49.8 in August (vs. 49.1 prior)

This article was written by Eamonn Sheridan at www.forexlive.com.

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