2024-02-01 02:49:57 ET
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The au Jibun Bank Japan Manufacturing PMI was at 48.0 in January 2024, unrevised from flash data and after December's 10-month low of 47.9, marking the 8th straight month of drop in factory activity, due to a sustained fall in output that was nonetheless the softest in 3 months.
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New work shrank for the 8th month, and export sales were also lower amid falling demand from China and the Asia-Pacific region.
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Employment declined for the third time in the past 4 months, and backlogs depleted the most since August 2020.
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"Depressed economic conditions at home and globally weighed heavily on the sector, as both output and new orders were scaled back further, with the decline in the latter remaining notably sharp," said Usamah Bhatti at S&P Global Market Intelligence.
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Currency: ( USD:JPY )
- Japan's industrial output rises 1.8%; retail sales miss forecast in December
- Japan's manufacturing shrinks for an eighth consecutive month amid weak demand
- Bank of Japan keeps negative interest rate unchanged, trims 2024 inflation forecasts
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Japan's inflation rate continues to ease in December amid lower electricity and gas bills
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Summary of opinions: Members of BOJ called for debate on future exit from easy policy
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Japan's manufacturing PMI shrinks for 8th month amid weak production and new order inflows