The flash reading was 52.9 & prior 55.4.
Commentary on the data from Markit:
- "February PMI data pointed to a softer expansion in the Japanese manufacturing sector. The rate of growth eased to a five-month low, however, amid a renewed reduction in production levels and a broad stagnation in new orders. Panel members commented that the rise in COVID-19 cases due to Omicron and sustained material shortages had held back a stronger improvement in a sector that had up until now been trending upwards.
- "Significant supply chain disruption which dampened output and demand in the latest survey period was attributed to severe material shortages and delivery delays. As a result, input price pressures intensified further, with average cost burdens rising at the sharpest pace in thirteen-and-a-half years. Moreover, firms doubled down on efforts to protect against future disruption and price pressures by raising safety stocks of raw materials and other inputs at the quickest pace in the history of the survey.
- "As a result, manufacturers commented that the degree of optimism regarding the 12-month outlook for output eased to a six-month low in February, with hopes for an end to the pandemic held back by concerns of further waves of infection. This is broadly in line with the IHS Markit prediction for industrial production to grow 5.9% in 2022."
