Japan manufacturing activity unexpectedly picks up in May, services slows- PMI [Yahoo! Finance]
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Source: Yahoo! Finance
offset a mild decline in services growth, purchasing managers index data showed on Thursday. The au Jibun Bank Japan manufacturing PMI rose to 50.5 in May, according to a preliminary reading. The print was higher than expectations of 49.7 and also improved from the 49.6 seen in the prior month. A reading above 50 indicates expansion, with the sector now growing for the first time since June 2023. The positive reading came amid improving employment and purchases in the sector, while output and new orders fell at slower paces. Growth in the services sector persisted, albeit at a slower pace. The au Jibun Bank Japan Services PMI rose 53.6 in May, compared to growth of 54.3 in the prior month, preliminary data showed. This saw overall business activity, as indicated by the flash composite PMI index, rise to 52.4 in May from 52.3 in April. “This indicated that growth momentum continued to improve midway into the second quarter of 2024 and hints at a better Q2 GDP reading, after
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