Japan: First manufacturing rise in three months as slowdown pauses – Nomura
|Japan's manufacturing PMI for April 2018 was 53.3, up 0.2pt from the March reading and was the first rise in the PMI in three months, which suggests that the slowdown in manufacturing activity in Jan-Mar 2018 has been interrupted, explains the research team at Nomura.
Key Quotes
“Among the five component indices, four swung to pushing the headline PMI up, even if only slightly: the output index rose to 53.1 (+0.9pt m-m), the new orders index rose to 53.5 (+0.4pt), the stock of items purchased index rose to 51.3 (+0.2pt), and the employment index rose to 53.3 (+0.4pt). Given that the new export orders index came in lower, these results can be read as an indication that domestic demand held up fairly well.”
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