Quite the dip for the PMI, to its lowest in 9 months
52.5 in May
- lowest level since August 2017
- from 53.8 in April
Still above the 50 and thus in expansion (for the 21th consecutive month)
More:
- new orders to 52.3 in May (from 53.8 the previous month)
- Output expanded at a slower pace from April
- new export orders to 51.0 (from 50.4 in April)
Joe Hayes, economist at IHS Markit
- "Despite the promising upturn in April data, May's flash release erred on the side of disappointment"
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So, some slowing in domestic demand but an apparent pick up in offshore demand
Q2 Japan economic growth getting off to a subdued start according to this indicator
