The manufacturing sector in Japan continued to contract in April, albeit at a slower rate, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 49.5.
That's up from 49.2 in March although it remain beneath the boom-or-bust line of 50 that separates expansion from contraction.
While output declined at a slightly quicker pace compared to the previous month, the downturn in new business eased notably. Moreover, sales declined at the weakest rate since the current period of contraction began last July, in part due to a softer fall in foreign demand.
The survey also showed that the services PMI slipped to 54.9 in April from 55.0 in March.
The robust increase in services activity was supported by the sharpest rise in new orders since the survey began in September 2007. New export business likewise expanded at a record pace.
