The latest levels of Japan’s purchasing managers index composite and its PMI for the service sector indicate a slowdown in the world’s third-largest national economy as the former dipped to 50.7 in July from 52.3 in June and the latter dropped to 50.6 from 52.1 on the same basis.

Because both figures are still above the magical 50.0 level many consider to be the dividing line between expansion and contraction, however, one could make the case that Japan’s economy is still growing based on the numbers promulgated Monday at 8:15 a.m. Tokyo time (Sunday at 7:15 p.m. EDT) and published by the Wall Street Journal.

As recently as May, the Japan PMI-composite figure was 54.1 and its PMI-services number was 54.8.