TOKYO—Japan’s services sector activity grew at the fastest pace in half a year in May as consumer sentiment recovered further following the easing of coronavirus curbs, though high energy and material costs pushed up input prices by a record rate.
The final au Jibun Bank Japan Services Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 52.6 from the prior month’s final of 50.7, with activity coming in well above the 50-mark that separates contraction from expansion.
The figure marked the fastest rate of expansion since November 2021 and was better than a seasonally adjusted 51.7 flash reading.
“Activity over the coming months looks set to be strong, as the levels of outstanding business rose at the sharpest rate since September 2019,” said Usamah Bhatti, economist at S&P Global Market Intelligence, which compiles the survey….