Japan's service sector sentiment improved slightly in November, recovering ...
TOKYO - Japan’s service sector sentiment improved slightly in November, recovering from a multi-year low hit in the previous month when a sales tax hike and a huge typhoon hit business morale.
The survey of workers such as taxi drivers, hotel workers and restaurant staff - called “economy watchers” for their proximity to consumer and retail trends - showed their confidence about current economic conditions rose 2.7 points to 39.4 from 36.7 in October. The outlook index, which indicates the level of confidence in future conditions, rose 2.0 points to 45.7 in November from 43.7 in October.The index showed “the pace of recovery has been slow recently and there were still some reactionary falls from rush demand ahead of the tax hike,” the government said.“The pace of declines in sales has slowed compared with three months ago. The impact from the sales tax hike is waning comparatively,” said a respondent from a restaurant.
“It’s likely the tax hike has made consumers more frugal,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.
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