Mumbai, Sept. 3 -- Companies across Japan's service sector saw a further solid increase in business activity in August, according to latest PMI data. The sustained rise in output was underpinned by a similarly strong upturn in overall new business. However, companies signalled a slight reduction in staffing levels for the first time in nearly two years amid stronger cost pressures.
At 53.1 in August, the headline Japan Services Business Activity Index slipped from July's five-month high of 53.6 but remained comfortably above the neutral 50.0 level to signal an expansion of output for the fifth straight month.
The sustained and strong rise in overall services activity was widely linked to higher amounts of new business, which also expanded...