Japan - Nikkei Services PMI and Composite PMI for September
Key points from Markit:
- Both output and new business increase at slower rates in the service sector
- Cost pressures rise at Japanese services firms, although remain modest overall
- Positive forecasts of service sector activity for the year ahead
Amy Brownbill, economist at Markit:
- "Latest survey data pointed to a slowdown in the expansion of the Japanese service sector.
- Both service sector activity and new orders expanded at weaker rates towards the end of Q3.
- On a positive note, employment growth resumed in September and at a rate that was the strongest since November last year.
- Meanwhile, cost pressures were evident as purchasing prices increased, albeit at only a modest rate.
- On the other hand, charges declined as companies reported greater competition.
- Despite a weaker expansion in the Japanese service sector, forecasts of output over the next year remained positive.
- Panellists mentioned expectations of an economic recovery and demand generated from preparations related to the hosting of the Olympic Games leading to market confidence."
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A slower pace of growth ... but still in expansion. Yen is barely responding ... these are not usually Forex market moving data points though.