2020.04.0300:47:00UTC+00Japan Services PMI Tumbles In March - Jibun Bank

The services sector in Japan continued to contract in March, and at a much steeper rate, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 33.8.

That's down sharply from 46.8 in February, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, output fell at a near-record pace as the COVID-19 pandemic hit demand. Employment declined as operating requirements slumped.

Business activity is expected to fall sharply over the next 12 months.

The composite index came in with a score of 36.2, down from 47.0 in February.