Japan PMI May 2022


Japan: Composite PMI picks up in May

May 24, 2022

The S&P Global Composite Purchasing Managers' Index (PMI) rose to 51.4 in May from April's 51.1. May's result marked the best performance since December 2021. In turn, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

The manufacturing PMI stood at 53.2 in May, down from April’s 53.5. Meanwhile, the services PMI activity index increased to 51.7 in May (April: 50.7).

The improvement in April was again due to services activity, which continued to increase thanks to the lifting of quasi-emergency measures in late March. In the manufacturing sector, activity slowed to a three-month low. Heightened supply-chain pressures—due to material shortages and exacerbated by recent Covid-19 lockdowns in China—dragged down the reading. Delivery times increased at the fastest pace since the earthquake and tsunami that struck the country in 2011, while input prices rose at the third-fastest pace on record. Overall, business confidence fell to the lowest level since August 2021.

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 May 2022

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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