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- Japan's private-sector activity hit by COVID-19 surge - PMI
Japan's private-sector activity hit by COVID-19 surge - PMI
Reuters reports that Japan's factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year.
The au Jibun Bank Flash Japan Manufacturing PMI fell to a seasonally adjusted 52.4 in August from a final 53.0 in the prior month.
Overall orders and export orders increased, though the pace of growth was the slowest in seven months. Firms faced severe supply chain disruptions from a global semiconductor shortage, IHS Markit said.
The au Jibun Bank Flash Services PMI index dropped to a seasonally adjusted 43.5 from the previous month's final of 47.4, hitting its lowest since May 2020, when Japan's economy went through a deep COVID-19 slump.
The weak reading pushed down activity for the overall private sector, which contracted at the quickest pace since August 2020, said Usamah Bhatti, economist at IHS Markit, which compiled the survey.
The au Jibun Bank Flash Japan Composite PMI, which is estimated by using both manufacturing and services, fell to 45.9 from July's final of 48.8, hitting its lowest since August last year.
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