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Financial News: Japan Manufacturing Sector Slows In June - Jibun

Japan Manufacturing Sector Slows In June - Jibun

06/22/2022 - 20:46:00 (RTTNews)

(RTTNews) - The manufacturing sector in Japan continued to expand in June, albeit at a slower rate, the latest survey from Jibun Bank revealed on Thursday with a manufacturing PMI score of 52.7.

That's down from 53.3 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Output rose at the slowest rate in the current four-month sequence of growth while new orders contracted for the first time in nine months. Panel members associated weaker demand to the impact of COVID-19 restrictions in mainland China, which placed additional pressure on supply chains. A further marked lengthening of delivery times exacerbated material shortages and contributed to a sustained, rapid rise in cost burdens that were increasingly passed to clients through a record increase in factory gate prices

The survey also showed that the services index improved to 54.2 in June from 52.6 in May, while the composite index rose to 53.2from 52.3.

New business rose at a moderate pace for the second successive month as demand conditions were bolstered by the resumption of activity in the tourism sector. That said, the services sector was not immune to inflationary pressures as businesses recorded a fresh series record increase in input prices. This contributed to an accelerated rise in output prices, which rose at the strongest rate since October 2019.

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