Japan's service sector continues to stabilize in April

Friday, 07. May 2021 02:32

The service sector activity in Japan contracted at the slowest pace in 15 months in April, according to a report by IHS Markit on Friday. The Services Business Activity Index rose from 48.3 in March to 49.5 in April. Meanwhile, the Composite PMI Output Index passed the threshold into expansion, recording 51 in April from 49.9 in March, the sharpest rate of growth since September 2019.

"Confidence about the outlook for private sector activity remained strong in April, although the risks are inherently skewed to the downside," said Usamah Bhatti, economist at IHS Markit. "Although infection rates have been rising, businesses were optimistic that the Olympic Games and a successful vaccination program would stimulate a broad economic recovery."

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