The services sector in Japan continued to contract in July, and at a faster rate, the latest survey from Jibun Bank showed on Wednesday with a services PMI score of 47.4.
That's down from 48.0 in June and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The latest reduction was moderate overall as companies saw activity hampered by the recent surge in COVID-19 cases. Similarly, new business inflows fell at a faster pace in the latest survey period.
This extended the current sequence of decline to 18 months, with the latest reduction modest overall. Panelists noted that demand remained depressed due to ongoing state of emergency restrictions.
The survey also said its composite index sank to 48.8 in July from 48.9 in June.
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