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Japan Services PMI Inches Up To 45.4 In July - Jibun

The services sector in Japan continued to contract in July, albeit at a slower pace, the latest survey from Jibun Bank showed on Wednesday with a PMI score of 45.4.

That's up from 45.0 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

July data indicated only a modest overall reduction in new work across the service sector, with the rate of decline the slowest in the current six-month period of contraction.

Backlogs of work decreased in July, which continued the downward trend seen since December 2019. Despite a lack of pressure on business capacity, employment numbers fell only slightly.

Also, the composite index improved to 44.9, up from 40.8 in the previous month.

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