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Financial News: Japan Manufacturing PMI Improves In August - Jibun

Japan Manufacturing PMI Improves In August - Jibun

09/01/2024 - 20:56:00 (RTTNews)

(RTTNews) - The manufacturing sector in Japan continued to contract in August, albeit at a slower rate, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 49.8.

That's up from 49.1 in July, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Latest data showed a renewed increase in output in August that was the second in the past three months. The rate of growth was modest yet reached the highest since May 2022. Firms also signaled a softer preference for the use of existing inventories, with the rate of accumulation stagnating on the month.

There were also reports of improving new order volumes, which declined again in August albeit at a softer rate than that seen in July. New export volumes meanwhile declined at a solid rate that was the most marked since March amid evidence of low demand from key export markets including Mainland China and South Korea.

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