Japan PMI Manufacturing dropped slightly from 53.5 to 53.2 in May, below expectation of 53.8. PMI services rose from 50.7 to 51.7. PMI Composite ticked up from 51.1 to 51.4.
Usamah Bhatti, Economist at S&P Global Market Intelligence, said:
“”Private sector firms reported that the reduced impact of COVID-19 had lifted services activity, most notably in the tourism sector as pandemic-related restrictions were eased further. That said, the renewed introduction of lockdown measures across China and economic sanctions placed on Russia amid the Ukraine war had exacerbated supply chain disruptions, with greater reports of material shortages and severe delivery delays.
“As a result, there was a further intensification in price pressures across the private sector, as firms reported series-record rises in both input and output prices. Moreover, uncertainty regarding the outlook for price and supply conditions dampened business confidence, which was at its softest since August 2021.”
