Japan services PMI (Feb): 51.7 (prior 51.9)

Nikkei / Markit
Japan PMIs
Services 51.7

  • prior 51.9

Composite 52.2

  • prior 52.8

Key points highlighted by Markit:

  • Business activity rises, albeit at weaker rate
  • Employment growth eases to three-month low
  • Level of positive sentiment falls

Commenting on the Japanese Services PMI survey data, Joe Hayes, Economist at IHS Markit, which compiles the survey, said:

  • «The pace of expansion in Japanese service sector output was broadly unmoved in February, ticking fractionally lower overall.
  • Demand pressures rose at a similar peg to output, meanwhile employment rose at a slower pace. Weaker job growth in tandem with a softer rise in new business appeared to concern Japanese service providers, as the degree of optimism deteriorated to a four-month low
  • Softer inflationary trends were also apparent in February, with both prices paid and prices charged rising to slower extents. Panellists indicated that increased food and fuel prices remained a principle factor behind higher selling charges, as has been seen in official CPI statistics. With PMI data signalling weaker demand-pull pressures, there appears to be little incentive for businesses to substantially raise consumer prices in the immediate future.
  • This supports the Bank of Japan to reiterate its dovish stance and allay fears of a possible unwind of ultra-loose monetary conditions.»

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