The services and composite PMIs for Japan in August 2018
Services 51.5 … this to a 4 month high
- previously 51.3
Composite 52.0
- previous 51.8
Markit highlight their 'key points':
- New business growth accelerates
- Recruitment increases at faster pace
- Business confidence remains solid
Commenting on the Japanese Services PMI survey data, Joe Hayes, Economist at IHS Markit, which compiles the survey, said:
- The headline PMI figure pointed to the fastest growth in Japanese service sector output for four months. However, the index was little moved since the preceding two months and was indicative of only a mild pick up in business activity.
- Survey data continues to point to fairly robust conditions for the service sector to continue along its expansionary path nonetheless. New orders increased at the joint-fastest rate in nine months, resulting in a further month of backlog accumulation. The concurrent effect of these should support higher output levels in the short-term. Indeed, with employment growth hitting a 14-month high, the sentiment signal from service sector panellists remains one of positivity.
Yen not really bothered by the data release (it rarely is with this his one)
