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Japan’s services sector grow slightly slower pace in July as new business growth moderated and cost pressures remained high

Japan’s service sector activity grew at a slightly slower pace in July as new business growth eased and cost pressures remained high, but the sector’s overall performance remained solid amid the fading impact of COVID-19, a private sector survey showed on Thursday.

The final Purchasing Managers’ Index (PMI) at Jibun Bank Japan Services fell to a seasonally adjusted 53.8 last month from 54.0 in June. The pace of growth slowed in July to the slowest since January. That compares with a flash reading of 53.9 and remained well above the 50-threshold separating expansion from contraction for the 11th straight month. The index reached a record high in May.

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