Jibun Bank / Markit Services PMI from Japan for August 2022
Comes in at 49.5, dropping into contraction for the first time in 5 months.
- Composite is 49.4
more to come
The flash and priors for these can be found here:
From the report:
- Japan's private sector fell back into contraction in August, as the economy faced a sharp surge in COVID-19 case numbers. Although the falls in total output and new business were only slight, it was the first time that they had declined since February.
- Sector data showed that a renewed drop in services activity accompanied a further drop in manufacturing production, with the latter falling at the quickest pace since September 2021. However, service providers noted a weaker drop in output than those seen at the start of 2022, when there was also a spike in infections, as pandemic-related restrictions have been eased notably since then.
- Nevertheless, with Japan now facing its seventh and most serious wave of the pandemic, strong cost pressures and a worsening global economic outlook, it's likely that Japan's private sector will remain under pressure in the months ahead.
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