The manufacturing sector in Japan continued to contract in September, and at a faster rate, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 48.5.
That's down from 49.6 in August, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Total new work decreased for the fourth month running in the latest survey period, and at the sharpest rate for seven months. Weak domestic and global economic conditions were cited as key headwinds to new order inflows, while some firms also cited the impact of destocking. Lower export sales, especially in Mainland China, also held back total new orders in September.
September data pointed to a sustained fall in output levels that was the fastest since June. The rate of decline was modest, and often attributed to subdued economic conditions and weak new order inflows.
