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Financial News: Japan Manufacturing PMI Improves To 48.0 In January

Japan Manufacturing PMI Improves To 48.0 In January - Jibun

01/23/2024 - 20:20:00 (RTTNews)

(RTTNews) - The manufacturing sector in Japan continued to contract in January, and at a slightly slower rate, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.0.

That's up barely from 47.9 in December, and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

There were sustained, albeit softer, decreases in both output and new orders, with the former falling at the slowest rate for three months. The still sharp decline in new orders contributed to a steeper fall in backlogs of work, and the latest round of depletion was the most marked since August 2020. Price pressures faced by Japanese manufacturers remained elevated at the start of 2023, though the rate of input price inflation eased fractionally from that seen in December.

The survey also showed that the services PMI improved to 52.7 in January from 51.5.

Growth in new business also picked up from that seen in December, while foreign demand for Japanese services rose for the first time in five months. Service providers also noted the strongest rate of backlog accumulation since last June. As a result, firms looked to keep up with demand by raising employment levels for the fourth month in a row.

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