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Financial News: Japan Manufacturing Activity Falls In June

Japan Manufacturing Activity Falls In June

06/21/2019 - 02:30:00 (RTTNews)

(RTTNews) - Japan's manufacturing activity deteriorated further in June on weak orders, flash data from IHS Markit showed on Friday.

The flash manufacturing Purchasing Managers' Index, or PMI, fell to 49.5 in June from 49.8 in May. Any reading below 50 indicates contraction in the sector.

"June survey data reveals a further loss of momentum across the manufacturing sector, as signalled by the headline PMI dropping to a three-month low," Tim Moore, associate director at IHS Markit, said.

Among components, new orders declined at the fastest pace since June 2016 and backlogs of works fell at the sharpest rate since January 2013.

Soft demand from domestic and foreign markets contributed to the fall in new orders. A soft patch for automobile demand and subdued client confidence amid US-China trade disputes also weighed on new orders.

On the price front, output prices decreased, while input prices increased at a softer rate.

Business expectation on future remained positive with change in economic sentiment.

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