The services sector in Japan continued to contract in April, and at a much more severe rate, the latest survey from Jibun Bank revealed on Friday with a record-low services PMI score of 21.5.
That’s down sharply from 33.8 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Measures to stem the Covid-19 outbreak have led to a collapse in demand as the index for services output fell at the fastest rate in series history.
Business confidence fell to its lowest reading since the global financial crisis. Overall, businesses expect activity to decline over the next 12 months, with uncertainty over the timing of an economic recovery weighing on sentiment.
The survey also showed that its composite index sank to a reading of 25.8 in April from 36.2 in March.
The material has been provided by InstaForex Company – www.instaforex.com
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