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Japan Manufacturing PMI Slows To 52.2 In July - Jibun

The manufacturing sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 52.2.

That's down from 52.4, although it remains above the boom-or-but line of 50 that separates expansion from contraction.

Both output and new order growth eased to six-month lows in the latest survey period amid rising COVID-19 cases and ongoing delays in receiving raw materials. Manufacturers also noted that demand for staff eased in July, with the rate of job creation the softest since April. Nonetheless, positive sentiment remained strong overall, despite easing slightly from June.

The survey also showed that the services PMI fell to 46.4 from 47.2 in June, while the composite index slipped to 47.7 from 48.9.

New business inflows also reduced further, extending the current sequence of decline to one-and-a-half years as continued restrictions on movement and businesses hampered activity. Moreover, employment saw a renewed contraction as demand fell, with job shedding being reported for the first time since December 2020.

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