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Japan services PMI slows in September, but hiring stays strong

PMI Services fell to 51.3 from 52.5, while services employment growth accelerated to its fastest pace since February and backlogs rose at the quickest rate in seven months.

Reported · Written up by our desk · Major Pairs

Japan’s services sector lost momentum in September, with PMI Services slipping from 52.5 to 51.3 and PMI Composite easing from 53.5 to 52.3, according to Action Forex.

Even with the slowdown in headline figures, services activity expanded for a fourth straight month, and overall private-sector output grew for an eighteenth consecutive month, as firms saw domestic demand continue to support sales even as services export orders fell markedly.

The report pointed to a more resilient underlying picture, with services employment growth accelerating to the fastest pace since February and backlogs increasing at the quickest rate in seven months, alongside improving business confidence to its highest level since June.

Inflation pressures eased somewhat but stayed elevated, with services input-cost inflation slowing to a six-month low, while output prices rose at one of the fastest rates in the survey’s history.

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