Japan June services PMI rises to 53.3, highest since August 2015

Japan June services PMI rises to 53.3, highest since August 2015”

Following disappointing PMIs for the manufacturing and construction sectors earlier in the week it meant the United Kingdom composite PMI for June dropped to 53.8 from 54.3 and below the market's expectation of 53.9.

The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53.0 in May as new business, outstanding business and hiring expanded.

Economists in a Bloomberg News survey had predicted a reading of 53.5, above the 50 level that divides expansion from contraction.

Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in nearly two years, a private survey showed on Wednesday, in a sign that domestic consumption is in a healthy state.

Growth in the UK's services sector weakened to its lowest in four months in June, according to a Markit survey published on Wednesday that also found business optimism dropped to its second-lowest in over five and half years.

"June's figure contributed to the highest quarterly average for the composite PMI (52.2) since Q2 (FY) 2016. However, rates of increase decelerated, as growth of new business slowed in both the domestic and export markets", IHS Markit said of the manufacturing sector on Monday. "This suggests that GDP growth is likely to rebound from the sharp slowdown noted in the first three months of 2017", Lima added.

Job creation was also maintained at May's 47-month record pace.

"Meanwhile, construction companies are being squeezed by elevated input costs". In the monetary policy review on June 7, the RBI left key rates unchanged, with Governor Urjit Patel noting that the central bank wanted to be more sure inflation stays subdued. Economist forecast the index to fall to 54.6 in June from 55.1 in May.

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