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Market Update: Japan Services Sector Contracts at Softer Rate
The au Jibun Bank Japan Services PMI rose to 47.2 in June 2021 from a final 46.5 in the prior month, a flash figure showed. Still, this was the 17th consecutive month of contraction in the service sector, amid coronavirus disruptions. New business reduced at a broadly unchanged pace compared to May, extending the current sequence of decline to 17 months. At the same time, job creation continued for the fifth month running, with the pace of growth remaining marginal while backlogs of works falling at a steeper rate. Meanwhile, export orders fell at a slower pace. On the cost front, both output prices and input cost went up faster. Lastly, confidence strengthened, amid expectations of the accelerated vaccination programme. source: Markit Economics [/s2If]
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