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Financial News: Japan Manufacturing PMI Falls To 47.2 In February

Japan Manufacturing PMI Falls To 47.2 In February - Jibun

02/21/2024 - 19:39:00 (RTTNews)

(RTTNews) - The manufacturing sector in Japan continued to contract, and at a faster pace, the latest survey from Jibun Bank revealed on Thursday with a manufacturing PMI score of 47.2.

That's down from 48.0 in January, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

A steep reduction in new orders led to production shrinking at the fastest rate in a year. In turn, purchasing activity fell sharply while lower capacity pressure led to employment levels falling at the quickest pace since January 2021.

The survey also showed that the services PMI eased from 53.1 in January to 52.5 in February.

Despite easing slightly in the month, the latest expansion extended the current sequence of growth to 18 months. Moreover, the rate of growth in new business accelerated during February and was the strongest recorded since last August.

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