Japan services growth hits five-month high, PMI shows

TOKYO, Sept 3 : Japan's services sector expanded at its fastest pace in five months in August, as stronger domestic demand lifted business activity and new work, a private survey showed on Thursday.• The S&P Global final Japan Services Purchasing Managers' Index (PMI) rose to 52.5 in August from 51.2 in July, a survey by S&P Global showed. The 50-mark separates growth from contraction.• New business increased for a 26th straight month and at a faster pace than in July, helped by strong underlying customer demand. New export business, however, contracted for a fifth month at the sharpest rate since November 2020.• Employment rose for a 12th consecutive month but only marginally, marking the slowest pace of job creation in a year. • Annabel Fiddes, Economics Associate Director at S&P Global