Japan PMI Manufacturing dropped to 37.8 in June, down from May’s 38.4. The data indicates productions fell at the more severe pace since March 2009. PMI Services, on the other hand, recovered to 42.3, up from 26.5. PMI Composite rose to 37.9, up from 27.8, staying well in contraction region.
Joe Hayes, Economists at IHS Markit, said: “While the services sector downturn eased noticeably, goods production fell at at 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 sector could be very different. A two-speed recovery would undermine a sustainable return to -pre-COID-19 levels of economic activity”.
