TOKYO : Japan's services sector activity grew at the fastest pace in more than two years in November on a jump in new business, signalling stronger consumer confidence as the coronavirus pandemic subsided.
The final au Jibun Bank Japan Services Purchasing Managers' Index rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading."New orders rose for the first time since January 2020 as panel members cited the lifting of state of emergency measures had boosted confidence and sales," said Usamah Bhatti, economist at IHS Markit, which compiles the survey.
Stronger spending on dining out, overnight stays and other services would likely support Japan's economy as a persistent global chip shortage and soaring raw material prices pressure manufacturers.
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