BUSINESS / Economy

Japan's services sector shrinks at fastest pace in over three years, PMI shows

Signs alerting shoppers about the consumption tax hike to 10 percent are put up at the Matsuzakaya department store in the Ueno district in Tokyo last September. | KYODO

Reuters

Jan 7, 2020

The services sector saw its deepest contraction in more than three years in December as business activity took a hit from weak demand at home and abroad, a private survey showed Tuesday.

The final seasonally adjusted Jibun Bank Japan Services Purchasing Managers' Index (PMI) fell to 49.4 in December from 50.3 in November, declining to its lowest level since September 2016.

It was below the 50 mark that separates expansion from contraction for the second time in three months, and down from a preliminary reading of 50.6.

Japan's services sector shrinks at fastest pace in over three years, PMI shows

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