7/3, 2:43 AM (Source: TeleTrader)
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Japan service sector PMI at 4-month high in June

Jibun Bank Services PMI rose to 45.0, showing Japan's service sector's downturn eased as some companies went back to work after the COVID-19 shutdown, according to a report released by IHS Markit on Friday.

The Jibun Bank Japan Composite Output Index which measures combined output in the manufacturing and service sectors, rose to 40.8 in June, from 27.8 in May, showing there was a noticeably slower rate of contraction in the activity.

Joe Hayes, Economist at IHS Markit, said that "services PMI data for Japan are certainly moving in the right direction, with the headline output index rising by nearly 20 points on the month as the state of emergency ending has improved social mobility and encouraged a slow resumption in economic activity. However, growth hasn't come roaring back and a further sub-50.0 reading suggests the downturn is only easing, not ending."

Breaking the News / TF