Japan PMI Services was finalized at 55.9 in May, up from April’s 55.4, setting another fresh series record. PMI Composite was finalized at 54.3, up from April’s 52.9, the second strongest reading since record began in 2007, after October 2013.
Usamah Bhatti, Economist at S&P Global Market Intelligence, said: “The record expansion in activity among service providers, coupled with a renewed increase in manufacturing production contributed to a stronger increase in overall private sector activity.
“The rate of expansion was solid and the second-strongest in the history of the series (behind October 2013). The upturn was led by the dominant services sector, although there was a renewed sense of optimism for private sector activity given the expansions in manufacturing output and new orders.
“Latest data also provides the indication economic growth has accelerated in the second quarter of the year, following the 1.3% year-on- year increase in growth in the first quarter of 2023, according to the latest official statistics.”
