Japan PMI July 2022


Japan: Composite PMI deteriorates in July

July 22, 2022

The au Jibun Bank Composite Purchasing Managers' Index (PMI) came in at 50.6 in July, down from June's 53.0. As such, the index remained above the 50.0 no-change threshold, pointing to a softer improvement in business conditions from the previous month.

The manufacturing PMI stood at 52.2 in July, down from June’s 52.7. The services PMI activity index decreased to 51.2 in July (June: 54.0).

The weaker print in June was due to softer services activity, which was dented by the recent uptick in price pressures. In the manufacturing sector, activity grew at the lowest rate since September 2021. Input acceleration accelerated for the first time since May, dragging down the reading. Overall, business confidence fell due to weaker output expectations in both the services and manufacturing sectors.

Meanwhile, our panelists expect private non-residential investment to increase 0.8% in 2022, which is down 1.0 percentage points over last month’s projection, and 3.6% in 2023.


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Japan PMI Chart

Japan PMI June 2022 1

Note: au 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 au Jibun Bank.

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