- NEWS Desk Global
JAPAN SERVICE ACTIVITY GROWTH SLOWS DOWN IN SEPTEMBER
Japan's service activity in September expanded for the 13th month but at the slowest pace since the start of the year, a private survey showed, a worrying sign as the sector has been a key driver of economic growth amid weakness in manufacturing. The final au Jibun Bank Japan Service purchasing managers' index (PMI) fell to 53.8 in September from 54.3 in August, hurt by slower new business and a stalling in export orders.
The index level marked the joint-lowest since January, according to the survey compiled by S&P Global and released on Wednesday. It was slightly above the flash reading of 53.3 and remained over the 50.0 threshold separating expansion from contraction since August last year. However, there were broad signs of softening in the service industry, which has underpinned the world's third-biggest economy over recent quarters amid weak global demand for its manufactured goods.