Japan’s services PMI in February
According to the report provided by Markit Economics, Japan’s services PMI stood at 51.7 in February—compared to 51.9 in January 2018. The PMI was marginally lower than the market expectations of 52.0.
The weaker performance in February was mainly due to the softer rise in production volume and output. New orders and export orders also rose at a slower rate in February. The job growth in the service sector had the lowest improvement in the past three months.
Rising global growth concerns mainly impacted consumers’ sentiment in February 2018. Weaker consumer demand impacted Japan’s export orders. Slower demand from major Asian economies like India, China, and Indonesia also impacted Japan’s export orders. Since Japan’s economy depends on exports, a marginal fall in exports affected the economy’s performance in February.