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Financial News: Japan Private Sector Logs Slower Growth In September

Japan Private Sector Logs Slower Growth In September

09/23/2019 - 23:05:00 (RTTNews)

(RTTNews) - Japan's private sector expanded at a slightly slower pace in September as manufacturing activity contracted further, survey results from IHS Markit showed Tuesday.

The Jibun Bank flash composite output index fell to 51.2 from 51.9 in August. Nonetheless, a reading above 50 indicates expansion.

The services Purchasing Managers' Index dropped to 52.8 from 53.3 in the previous month.

At the same time, the manufacturing sector fell deep into the contraction zone. The factory PMI declined to 48.9 from 49.3 a month ago.

External headwinds namely US-China trade tensions, the Hong Kong protests, Brexit and the diplomatic dispute between Japan and South Korea weighed on the manufacturing sector.

"Although, whether the third quarter performance can offset what is likely to be a challenging fourth quarter as consumer and businesses adjust to the sales tax hike is not guaranteed," Joe Hayes, an economist at IHS Markit said.

"If history is anything to go by, the final few months of 2019 will be difficult for Japanese businesses and consumers alike," Hayes added.

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