Japan’s Services Activity Shrinks First Time in Almost Two Years
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Key measures of Japan’s manufacturing and service activity weakened in June, with the services gauge registering a contraction for the first time in almost two years as companies faced strains from higher input costs.
The au Jibun Bank purchasing managers’ services index fell to 49.8 in June from 53.8 the previous month, dipping below the boom-or-bust 50 level for the first time since August of 2022, S&P Global reported Friday. The PMI reading for manufacturing slipped to 50.1, while the composite index fell to 50.