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Japan: Manufacturing PMI inches up in January

January 23, 2015

The Markit/JMMA Flash Manufacturing Purchasing Managers’ Index (PMI) inched up from the revised 52.0 in December (previously reported: 52.1) to 52.1 in January. As a result, the PMI remains above the 50-threshold that separates an expansion from a contraction in the manufacturing sector, where it has idled for the last six months.

The slight improvement reflected faster rates of expansion in new orders. Conversely, output, stocks of purchases and employment increased at a slower pace in January. In addition, supplier’s delivery times lengthened at a slower rate. Markit/JMMA analysts stated that, “January data signalled a continued improvement in operating conditions for Japanese manufacturers, with production and new orders remaining in robust growth territory. In line with the rises in output and new business, Japanese manufacturers reported an increase in payroll numbers for the fourth month running, with the latest reading broadly unchanged from the previous month. Meanwhile, inflationary pressures remained with the depreciation of the yen/dollar rate driving up input prices.”


Author: Ricard Torné, Head of Economic Research

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Japan PMI January 2015

Note: Markit/JMMA Manufacturing Purchasing Managers’ Index. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate a contraction.
Source: JMMA and Markit.


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