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Preliminary August PMIs Improve, But Manufacturing Still Sub 50.0

JAPAN DATA
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The preliminary Japan PMIs for August improved, per the Jibun Bank survey measures. Manufacturing rose to 49.5, from 49.1 in July. We are still below recent highs, with the index unable to sustain +50 readings in recent years. The services PMI rose to 54.0 from 53.7 prior. This is close to 2024 highs (although in 2023 the index peaked near 56.0). The composite index is back to 53.0, fresh highs since the first half of 2023.

  • The detail showed manufacturing output up to 50.9 from 49.7 prior. New orders for manufacturing also rose.
  • On the services side, the detail was less positive, with the employment sub index slipping, while the prices metric also moderated.
  • Still this data follows yesterday's July trade figures, which showed generally positive trends. Today's PMI results generally point to a resilient economic picture for Q3 Japan.
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The preliminary Japan PMIs for August improved, per the Jibun Bank survey measures. Manufacturing rose to 49.5, from 49.1 in July. We are still below recent highs, with the index unable to sustain +50 readings in recent years. The services PMI rose to 54.0 from 53.7 prior. This is close to 2024 highs (although in 2023 the index peaked near 56.0). The composite index is back to 53.0, fresh highs since the first half of 2023.

  • The detail showed manufacturing output up to 50.9 from 49.7 prior. New orders for manufacturing also rose.
  • On the services side, the detail was less positive, with the employment sub index slipping, while the prices metric also moderated.
  • Still this data follows yesterday's July trade figures, which showed generally positive trends. Today's PMI results generally point to a resilient economic picture for Q3 Japan.