China Services PMI Fades In June - Caixin
(RTTNews) - The services sector in Japan continued to expand in June, albeit at a slower pace, the latest survey from Caixin revealed on Wednesday with a services PMI score of 53.9.
That's down from 57.1 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The slower rise in business activity was often linked to softer than anticipated demand conditions. Although total new business continued to expand at the end of the second quarter, the rate of growth moderated to a six-month low and was modest overall.
New export business meanwhile expanded solidly, despite the rate of increase edging down to the softest since January. There were a number of reports that the sector continued to benefit from a revival in tourism and travel since the easing of pandemic restrictions.
The survey also showed that the composite index slipped to 52.5 in June from 55.6 in May.
Although indicative of a strong expansion of overall output, the rate of increase was the softest seen since the current period of growth began in January. The slowdown was driven by weaker increases in output across both the manufacturing and service sectors.
Composite new orders likewise expanded at the softest rate in five months during June, with service providers registering a notable slowdown in sales growth. Overall new export business meanwhile rose at the weakest pace in three months and only slightly.
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