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Financial News: Japan Manufacturing PMI Slips To 48.9 In December

Japan Manufacturing PMI Slips To 48.9 In December - Jibun

01/03/2023 - 19:40:00 (RTTNews)

(RTTNews) - The manufacturing sector in Japan continued to contract in December, and at a slightly faster rate, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.9.

That's down from 49.0 in November and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The greatest influence on decline in the headline PMI number came from its largest component, new orders. Firms registered a reduction in order book volumes that was strong overall and faster than rates recorded over much of the past two-and-a-half years. Weak underlying demand conditions, on both a domestic and global scale, reportedly drove the latest contraction.

Similarly, new export orders fell for the tenth month in a row. It is, however, worth noting that the rates of decline signaled by each index were slightly softer than those recorded in November. In line with the picture for demand, production levels at Japanese good producers decreased in December. The reduction, though slower than November's 27-month record, was solid overall.

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