Japan PMI June 2022


Japan: Composite PMI hits highest reading since November 2021 in June

June 23, 2022

The S&P Global Composite Purchasing Managers' Index (PMI) rose to 53.2 in June from May's 52.3. June's result marked the best performance since November 2021. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

Meanwhile, the manufacturing PMI came in at 52.7 in June, down from May’s 53.3. The services PMI increased to 54.2 in June (May: 52.6).

The improvement in June was again due to services activity, which continued to rise thanks to the removal of quasi-emergency measures in late March. In the manufacturing sector, activity grew at the joint-lowest rate since September 2021. Supply bottlenecks—due to material shortages and recent Covid-19 lockdowns in China—dragged down the reading, with output prices rising at the fastest pace on record. Overall, business confidence rose thanks to stronger output expectations in the services sector.

Meanwhile, our panelists expect private non-residential investment to increase 2.1% in 2022, which is down 0.5 percentage points over last month’s projection, and 3.1% in 2023.


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Japan PMI Chart

Japan PMI June 2022 0

Note: Jibun Bank Composite, Manufacturing and Services Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global and Jibun Bank.

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