TOKYO -- Business activity slowed in a greater number of sectors in Asia this January, with metals and mining continuing its strong business contraction.
The Nikkei Asia Sector Purchasing Managers' Index, or PMI, showed that out of the 19 monitored sectors, 9 registered contraction in January. Metals and mining had the biggest contraction at 45.3, registering below the 50 mark for the fourth month in a row.
Readings above 50 signal expansion, while those below 50 indicate contraction.
Contractions also worsened in the automobiles and auto parts sector as well as machinery and equipment. The former had the sharpest deterioration in production since December 2015.
Meanwhile, output growth was also seen in 9 sectors with commercial and professional services topping the list.
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