Japan's services sector activity grew at the fastest pace in eight months in February, a private sector survey showed on Friday, as the economic impact of the coronavirus pandemic receded globally.
The final au Jibun Bank Japan Services purchasing managers' index rose in February to a seasonally adjusted 54.0 from January's 52.3.
The final figure was higher than the flash reading of 53.6 and well above the 50-mark that separates expansion from contraction for a sixth straight month. "The Japanese services economy signalled that demand conditions had improved at a stronger rate during February," said Usamah Bhatti, economist at S&P Global Market Intelligence.
The subindexes showed new orders and overseas demand grew for a sixth month, with new orders rising at the fastest pace since May 2022. Outstanding business saw the sharpest rate of growth in five-and-a-half years in February due to the expansion in demand, Bhatti said.
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