Earlier we had the flash readings:
- services 52.3
- composite 50.7
- Japan (final) Jibun January PMI: Manufacturing 48.9 (prior 48.9)
From today's report:
- “The start of 2023 saw a continuation of the recent positive news in the Japanese service sector as the economy continues to recover from the pandemic. Firms were again boosted by the National Travel Discount Programme which kept orders and activity rising.
- “There were a couple of aspects of the survey which put a slight dent in the otherwise positive picture, however. Employment decreased as firms were hit with a slew of retirements which they weren't fully able to backfill over the month. Cost pressures also remained elevated, largely due to higher fuel costs. These developments, and the limit they may place on growth, meant that companies were slightly less bullish about the outlook than they have been recently.”