Tuesday, July 23, 2024
HomeBusinessJapan Jan factory growth hits four-year high, but services contract-flash PMI By...

Japan Jan factory growth hits four-year high, but services contract-flash PMI By Reuters


Related stories

St Vincent and the Grenadines: An Emerging Offshore Business Jurisdiction

St Vincent and the Grenadines (SVG), an Eastern Caribbean...

Adam Lindemann’s Venus Over Manhattan Wraps Up Latest Show-Stopping Exhibits

Founded by Adam Lindemann in 2012, Venus Over Manhattan...

100+ Smooth Pick-Up Rizz Lines For You To Rizz Up A Girl

Have you ever tried approaching someone? but failed...

Utanmaz Türkler: Exploring Cultural Nuances and Societal Impacts

Introduction "Utanmaz Türkler" translates to "Shameless Turks" in English. This...

Why Trusts Are Key to Wealth Preservation

When it comes to preserving wealth across generations, few...


© Reuters. FILE PHOTO: Employees of Sanko Manufacturing Co. are seen at the assembly line of the company’s ventilators at a factory in Saitama, north of Tokyo, Japan May 8, 2020. REUTERS/Issei Kato

TOKYO (Reuters) – Japan’s factory activity grew at the fastest pace in four years in January as output growth picked up, though pressure from a persistent chip shortage, rising input prices and the coronavirus pandemic clouded the outlook.

However, activity in the private sector as a whole slipped into contraction for the first time in four months as a surge in Omicron variant coronavirus cases hurt customer-facing businesses in the services industry.

The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 54.6 from the prior month’s final of 54.3 to mark the fastest pace of expansion since January 2018.

Manufacturers reported the fastest increase in output prices since July 2008, suggesting firms were increasingly passing on higher input costs, which continued to rapidly rise.

Output and new order growth quickened after momentum fade somewhat in the previous month.

But worries about the Omicron variant amid a record surge in new coronavirus infections and a reintroduction of COVID-19 curbs in parts of the country greatly hurt activity in the services sector.

The au Jibun Ban Flash Services PMI Index slumped to a seasonally adjusted 46.6 from December’s final 52.1 to contract at the fastest pace in five months.

The rate of job shedding in the sector quickened for the second consecutive month to reach its fastest since May 2020, the survey showed.

See also  PM MITRA could weave textile success for India

“Private sector firms reported that the surge in COVID-19 cases from the more transmissible Omicron variant had hindered client confidence,” said Usamah Bhatti, economist at IHS Markit, which compiles the survey.

“Disruption was also reported in the labour market, where employment levels fell for the first time in a year.”

The au Jibun Bank Flash Japan Composite PMI, which is calculated by using both manufacturing and services, dropped to 48.8 from last month’s final of 52.5.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories