Tertiary Industry Activity Index for October 2024: +0.3% m/m
- expected -0.1%, prior -0.2%
This adds to generally improving data we have had earlier in the session (link to these are near the bottom of this post).
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Recent results:
September 2024: The index slightly decreased to 102.3, a 0.2% decline from August's 102.5.
August 2024: The index was at 102.5, showing a 0.2% increase from July's 102.3.
July 2024: The index stood at 102.3, reflecting a 0.1% rise from June's 102.2.
These figures indicate modest fluctuations in Japan's service sector activity during the third quarter of 2024, suggesting relative stability with slight month-to-month variations.
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The Tertiary Industry Activity Index is a key economic indicator in Japan that measures the monthly performance of the service sector, encompassing industries such as retail, finance, real estate, and healthcare. This index provides insights into the health and trends of Japan's service-oriented industries, which constitute a significant portion of the nation's GDP.
Sector Contributions:
The Tertiary Industry Activity Index encompasses various service sectors, with notable contributions from:
Wholesale Trade: Accounts for approximately 15% of the index.
Medical, Health Care & Welfare: Contributes around 12%.
Living & Amusement-related Services: Also at 12%.
Information & Communications: Makes up about 11%.
Retail Trade and Transport & Postal Activities: Each contributing 10%.
These sectors collectively provide a comprehensive overview of the service industry's performance in Japan.
For more detailed and updated information, you can refer to the Ministry of Economy, Trade, and Industry's official reports.
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Earlier today from Japan:
And, ICYMI, the Bank of Japan are meeting this week, on the 18th and 19th. Consensus is no change in rates. You'd think the BoJ might be tempted to hike again given the improvement for the data at the margin.
