Japan Manufacturing PMI Improves In May - Jibun
(RTTNews) - The manufacturing sector in Japan continued to expand in May, and at a faster pace, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 50.8.
That's up from 49.5 in April and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
There were renewed increases in both output and new orders, with both variables rising at the strongest rate for 13 months. Moreover, manufacturers signaled that supply chain issues that had plagued the sector for the past three years had showed signs of improvement, as suppliers' delivery times shortened for the first time since January 2020, albeit only fractionally. There was also reduced, but still strong pressure on the price front during May.
The survey also showed that the services PMI rose from 55.4 in April to 56.3 in May.
There were series record expansions in total new business, exports and outstanding business, with survey respondents attributing growth to the resumption of both domestic and international tourism, as well as the further dissipation of COVID-19 related disruption. Service providers continued to note strong increases in input prices in the latest survey period however, with input price inflation at its strongest for three months.
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