Japan January services PMI 53.0 (prior 50.9)

Japan January services PMI 53.0

• prior 50.9
• flash was 52.7
• grew for the third consecutive month

Composite PMI 51.1 in January

• flash 51.1
• strongest growth since September
• prior 50.5

• includes both manufacturing and services

Japan’s service sector grew, driven by strong Asian demand for exports, according to the Jibun Bank Service PMI.

Growth in the service sector helped support Japan’s overall private sector, with businesses optimistic about future prospects due to expected recoveries in manufacturing and the broader economy. New business increased for the seventh month in a row, supported by new clients and store openings. Export demand also rebounded, with new export business reaching its highest level since August.

Employment rose for the 16th straight month, while rising wages and higher fuel and raw material costs pushed input prices up. As a result, companies raised prices to offset these costs, marking the highest price increases since last May.

Earlier:

• Japan Manufacturing PMI January (final) 48.7 (prior 49.6)

This article was written by Eamonn Sheridan at www.forexlive.com.