The final S&P Global Services PMI rose to 51.7, supported by a 28-month streak of new order growth and an easing downturn in foreign sales. Although input price inflation cooled to an eight-month low, output charges continued their four-and-a-half-year climb. Hiring slowed significantly as retirements and resignations largely offset staff additions from business expansion. Meanwhile, weaker manufacturing output pulled the composite index down to 52.1, marking the economy's slowest overall growth since May.
Key points
Service sector expansion continues to rely heavily on solid domestic demand while export…: Service sector expansion continues to rely heavily on solid domestic demand while export downturns ease.
Cost pressures showed signs of relief as input price inflation moderated to an eight-mont…: Cost pressures showed signs of relief as input price inflation moderated to an eight-month low.
Manufacturing weakness dampened broader gains, pulling Japan's composite output growth to…: Manufacturing weakness dampened broader gains, pulling Japan's composite output growth to its lowest rate since May.
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TOKYO, Nov 5 : Japan's service sector expanded modestly in October as activity and new orders both rose slightly faster, a business survey showed on Thursday.
• The S&P Global final Japan Services Purchasing Managers' Index (PMI) edged higher to 51.7 in October from 51.3 in September, a survey by S&P Global showed, marking a fifth straight month of expansion but coming in below the flash reading of 52.0. The 50-mark separates growth from contraction
• New orders increased for a 28th straight month, with the pace of growth picking up from September, as firms cited firmer domestic demand, new clients and business development efforts as factors
• In contrast, foreign demand remained weak, though the decline in new export orders eased to its slowest since April
• Cost pressures eased further, with input price inflation decelerating for a fourth straight month to an eight-month low. Output price inflation also moderated, although charges have now risen every month for the past four and a half years
• Business confidence weakened to its lowest level since March, as concerns over inflation,…
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