Japan's service sector down in July

Wednesday, 05. August 2020 02:49

Japan’s service sector saw a contraction in business activity and new orders in July, with both, however, declining at softer rates compared to the more severe drop seen in the past few months, according to a report released by the IHS Markit on Wednesday.

The seasonally adjusted figure showed Jibun Bank Japan Services Business Activity Index rising by 0.5 from June's figure, to stand at 45.5 still below the neutral 50.

Tim Moore, Director at IHS Markit, said that "Japan's service economy edged a little further along the path to recovery in July, with some firms experiencing an uplift after the state of emergency was lifted. The latest falls in business activity and new work were much less severe that those seen on average in the second quarter of 2020."

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