Japan Jibun Bank / Markit preliminary PMIs for June
Manufacturing 37.8
- prior 38.4
Services 42.3
- prior 26.5
Composite 37.9
- prior 27.8
Comments from Markit on the results:
- "Flash PMI data for June show us that economic activity in some parts of Japan has picked up at the back-end of the second quarter. Crucially, however, a sub-50.0 reading in the Composite Output Index indicates that the underlying picture remains bleak and many firms are yet to see a rise in output volumes Nevertheless, a 10-point rise is an encouraging sign that parts of the economy are recovering and should provide some momentum for a more broad-based uptick as we head into the second half of the year.
- "Still, there are some disconcerting signs when we look at the sector splits. While the service sector downturn eased noticeably, goods production fell at an accelerated pace in June. The rate of decline in manufacturing order books remained severe, hinting that the shape of the recoveries in the services and manufacturing sectors could be very different. A two-speed recovery would undermine a sustainable return to pre-COVID-19 levels of economic activity."
Yen is more or less unmoving.
