Jibun Bank / S&P Global preliminary / flash PMIs for Japan, February 2024
Japan manufacturing purchasing managers' index (PMI) fell to 47.2 in February from 48.0 in January
- has remained below the 50.0, and in contraction, for nine straight months
- production subindexes contracted at the fastest pace in a year due to a sharp reduction in new orders
- employment fell at the quickest pace since January 2021
On Services, 52.5 in February from 53.1 in January
- in expansionary (above 50) since September 2022
Composite PMI came in at 50.3 in February from 51.5 in January
- this combines both manufacturing and service sectorr activity
Comment from the report:
- "The Japanese private sector economy saw the slight improvement at the start of the year all but evaporate during February, as business activity broadly stagnated"
- "Firms were also the least upbeat since January 2023, reflecting reduced optimism with regards to future output"
