The manufacturing sector in Japan continued to expand in September, albeit at a slower pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 51.0.
That’s down from 51.5 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
For the third straight month, both output and new orders were in contraction territory as high prices reportedly dented demand for Japanese goods. Output price inflation accelerated slightly in September and held close to June’s survey peak. Manufacturing sector business confidence faltered, dropping to a five-month low.
The survey also showed that the services PMI improved from 49.5 in August to 51.9 in September, while the composite PMI went from 49.4 to 50.9.
Companies that saw growth commented on the positive impact of fewer COVID-19 restrictions. This was likewise apparent in new business data, with the latest survey signaling the strongest uplift in demand for services since June.
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