Japan's July service activity rebounds after dip, PMI shows
TOKYO - Japan's service-sector activity returned to growth in July thanks to solid domestic demand, a survey showed on Monday, but slow overseas orders and unabated cost pressures continue to squeeze businesses.
"The near-term outlook for the service sector appears robust, as the level of outstanding business - a bellwether for upcoming work - returned to growth territory," said Usamah Bhatti, economist at index publisher S&P Global Market Intelligence.However, service companies' new export business fell into contraction for the first time in seven months, suggesting tepid global economic growth.
A recent Bank of Japan data also showed that corporate service prices rose at the fastest speed in more than nine years.
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