Japan PMI August 2022


Japan: Composite PMI falls to six-month low in August

August 23, 2022

The au Jibun Bank Composite Purchasing Managers' Index (PMI) fell to 48.9 in August from July's 50.2. August's result marked the worst performance since February. As such, the index dropped below the 50.0 no-change threshold, signaling a deterioration in private sector business conditions from the previous month.

Meanwhile, the Manufacturing PMI stood at 51.0 in August, down from July’s 52.1. Lastly, the services PMI activity index fell to 49.2 in August (July: 50.3).

The weaker print in August came on the back of weaker output in both the manufacturing and services sectors. New orders also fell, as did overall employment. More positively, input inflation weakened in both sectors.

Regarding the main concerns of Japanese firms, Usamah Bhatti from S&P Global Market Intelligence commented:

“Business confidence eased to the joint-lowest for five months during August amid the growing economic headwinds. The strongest concerns among Japanese private sector firms were the impact of the Ukraine war, inflationary pressures due to rising raw material and energy costs, and a global economic slowdown.”

Meanwhile, our panelists expect private non-residential investment to increase 0.2% in 2022, which is down 0.6 percentage points over last month’s projection, and 3.0% in 2023.


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Japan PMI Chart

Japan PMI August 2022

Note: au Jibun Bank Composite, Manufacturing and Services Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global and au Jibun Bank.

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