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Financial News: Japan Manufacturing Sector Contracts Most In 7 Months

Japan Manufacturing Sector Contracts Most In 7 Months

09/30/2019 - 23:37:00 (RTTNews)

(RTTNews) - Japan's manufacturing sector contracted the most in seven months in September as firms reduced production amid weak demand, survey data from IHS Markit showed Tuesday.

The Jibun Bank final manufacturing Purchasing Managers' Index fell to 48.9 in September from 49.3 in August. The reading came in line with the flash estimate.

This was the lowest mark since February. A score below 50 indicates contraction in the sector.

The main pull factors on the manufacturing economy were output and new orders, as both declined in September at accelerated rates.

"Crucially, the stronger deterioration comes ahead of the consumption tax hike, and suggests that manufacturing and exports are both likely to have been drags on third quarter GDP," Joe Hayes, an economist at IHS Markit, said.

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