Japan Manufacturing PMI Slips To 49.4 In Jul7 - Jibun
(RTTNews) - The manufacturing sector in Japan continued to contract in July, and at a faster pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 49.4.
That's down from 49.8 in June, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Both output and new orders were scaled back further in the latest survey period, with the rate of reduction in incoming business accelerating to the strongest seen for four months. There was further evidence of easing cost pressures as indicated by the rate of input price inflation dipping to the lowest since February 2021, though manufacturers looked to pass higher cost burdens to clients to a greater extent for the first time since April. Concurrently, business sentiment eased from June yet remained at the joint-second highest level seen since the start of 2022.
The survey also showed that the services PMI fell from 54.0 in June to 53.9 in July.
The expansion in incoming business was modest, and the slowest recorded for six months. Moreover, July data indicated that activity growth was often fueled by the completion of existing orders, as the level of outstanding business at Japanese service providers reduced for the first time in a year and at the fastest pace since April 2022.
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