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3 Apr 2015
Japan: Service sector contracts for 2nd straight month in March
FXStreet (Bali) - Japan Markit Services PMI declined to 48.4 in March from previous 48.5, contracting for the second straight month in March.
Amy Brownbill, Economist at Markit, which compiles the survey, said:
“Reflecting a stagnation in new business, service sector output in Japan contracted for the second straight month in March."
"Subsequently, service providers reduced their staff numbers in March, albeit at a fractional rate. Meanwhile, cost pressures were evident, as purchasing costs increased amid reports of the weak yen/dollar rate driving up raw material costs."
“Despite service sector activity remaining in contraction territory, prospects for growth in activity over the next 12 months remained positive, with service providers signalling a robust level of business sentiment.”
Amy Brownbill, Economist at Markit, which compiles the survey, said:
“Reflecting a stagnation in new business, service sector output in Japan contracted for the second straight month in March."
"Subsequently, service providers reduced their staff numbers in March, albeit at a fractional rate. Meanwhile, cost pressures were evident, as purchasing costs increased amid reports of the weak yen/dollar rate driving up raw material costs."
“Despite service sector activity remaining in contraction territory, prospects for growth in activity over the next 12 months remained positive, with service providers signalling a robust level of business sentiment.”