Japan's services PMI hits 19-month high in March
TOKYO -- The Nikkei Japan Services Purchasing Managers' Index, or PMI, edged up to a 19-month high of 52.9 in March from February's 51.3.
A reading above 50 indicates economic expansion, while one below 50 points toward a contraction.
In March, the growth of activity was driven by rising levels of incoming new work, with the sub-component New Business Index marked 52.8.
Japan's manufacturing PMI also showed a growth at 52.4 in March.
Paul Smith, Senior Economist at IHS Markit, which compiles the survey, said "Both the manufacturing and service sectors are enjoying upturns, supported by firm demand for goods and services. With capacity pressures subsequently intensifying, this is having a positive spillover into the labor market. Jobs continued to be added at a solid pace in March."
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