TOKYO: Japanese service companies are down once again, underscoring the difficulties of economic revival in the world’s third largest economy.
Markit’s monthly index of the services sector fell for the third consecutive month to 48.4 in March. A score above 50 is needed to indicate growth. In February it was 48.5.
Japan’s economy has been struggling since the national sales tax was lifted 3 percentage points to 8 per cent last April. Hopes for a quick recovery have been dashed and this data adds to the gloom.
Meanwhile, the Markit/JMMA composite PMI for the month, which includes manufacturing companies, also slipped in March to 49.4. In February it had been 50.
