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Services sector activity softened in April marked by a slower pace of growth in new orders.
The seasonally adjusted Nikkei Services Business Activity Index fell to 53.7 in April from 54.3 in March as respondents pointed to a solid, although softer, expansion in activity.
“The latest increase in output was supported by growth in the financial intermediation, post and telecommunication and transport and storage sub-sectors,” said a release on Wednesday.
Similarly, the Nikkei India Composite PMI Output Index dropped to 52.8 in April from a 37-month high of 54.3 in March.
A reading above 50 represents expansion while one below this level means contraction.
“Nevertheless, a softer expansion in activity, combined with unchanged employment and a dip in business expectations among the latter suggest that companies are not fully convinced about the recovery and that March’s stronger numbers might have been a one-off,” said Pollyanna De Lima, economist at Markit, which compiles the survey.
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