IHREF - Flash PMI Shows Japan On Course For Record Downturn In Second Quarter
The Japanese economy suffered a further substantial fall in business activity during May, according to the latest flash PMI results. The downturn reflected not only the extension of emergency measures taken domestically to contain the COVID-19 pandemic but also the collapse in global demand. The curbs on social and business activities continued to weigh heavily on sales across both manufacturing and service sectors.
Jobs were also cut at a rate unsurpassed for a decade as firms faced dwindling sales and sought to contain costs. Forward-looking survey indicators suggest a recovery in economic activity is still