Japan services PMI rises to 53.0 in May
TOKYO -- The Nikkei Japan Services Purchasing Managers' Index, or PMI, rose to 53.0 in May from 52.2 in April.
A reading above 50 indicates economic expansion, while one below 50 points toward a contraction.
"Concurrently stronger growth in the manufacturing and service sectors during May underpinned the best rise in overall activity in just under three-and-a-half years," said Paul Smith, senior economist at IHS Markit, which compiles the survey.
"Ongoing economic growth is having a positive spill-over effect on the performance of the labor market, with jobs being added at the fastest rate in nearly a decade. Expect this positive trend in employment to continue, with overall business confidence in May the highest in four years," the economist added.
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