Japan's service sector activity expanded at its quickest pace in three months in August, underpinned by robust consumer spending as inbound tourism regained momentum, a private-sector survey showed on Tuesday.
The relatively upbeat service sector conditions contrast with the manufacturing industry's shrinking activity and subdued business sentiment amid slowing global demand.
"A stronger improvement in new orders received by Japanese service firms underpinned an acceleration in business activity growth," said Usamah Bhatti, an economist at S&P Global Market Intelligence. The subindex measuring outstanding businesses swung back above the 50.0 threshold in August helped by the re-acceleration of new orders.
Business expectations remained strong, fuelled by hopes of long-term business expansion following the winding down of COVID-19 restrictions.
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