The non-manufacturing and composite December PMIs from Nikkei / Markit
Via Markit commentary ... (bolding mine)
Key points:
- Service sector output growth softens
- Backlogs fall amid weaker rise in new business
- Output price inflation quickens to 29-month high
Joe Hayes, Economist at IHS Markit
- "Service sector businesses observed a further weakening of activity growth during the final month of Q4.
- In fact, the pace of expansion eased to the second slowest in 2017.
- Although incoming new orders increased for a seventeenth straight month, the extent of this rise was the softest seen since September 2016.
- "Nonetheless, an accelerated rate of job creation provides an upside takeaway from the latest survey. Additionally, the business outlook towards future activity strengthened despite evidence of sluggish demand. Consistent with stronger optimism, businesses raised output prices at the sharpest rate in 29 months.
- "On a further positive note, firms reported that input price inflation was underpinned by higher pay to their staff. This will be welcomed by Prime Minister Abe amid his recent call for firms to raise wages to encourage greater domestic consumption."
