Financial News: Japan Private Sector Growth Moderates On Weak Manufacturin

Japan Private Sector Growth Moderates On Weak Manufacturing Activity

09/24/2024 - 02:14:00 (RTTNews)

(RTTNews) - Japan's private sector growth softened in September as manufacturing output fell back into the contraction territory, survey results from S&P Global showed on Tuesday.

The au Jibun Bank flash composite output index fell to 52.5 in September from 52.9 in the prior month.

The services activity growth strengthened to a five-month high in September, while manufacturing output contracted for the second time in three months.

The flash services Purchasing Managers' Index rose to 53.9 from 53.7 in the prior month. Meanwhile, the factory PMI slid to 49.6 from 49.8 a month ago.

S&P Global Market Intelligence Economist Usamah Bhatti said the latest data indicated that growth momentum was sustained throughout the third quarter and hints at a stronger third quarter GDP.

Although the composite PMI has been a poor guide to GDP growth in recent quarters, on past form it is consistent with GDP rising by just under 1 percent annually, which was far better than the 1.0 percent annual fall in the second quarter, Capital Economics' economist Marcel Thieliant said.

The survey showed that growth in new orders was little changed and there was a sustained fall in the levels of outstanding business. Although sentiment remained elevated, the degree of confidence eased to the lowest since April 2022.

On the price front, data showed a slowdown in input cost inflation to a six-month low. Meanwhile, output price inflation ticked up in September due to a stronger rise in charges at service providers.

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