Japan’s factory activity growth slows in September, PMI shows
A staff member works next to the parts for large LCD panels inside a factory at Kyowa Industrial Co. in Takasaki, Gunma Prefecture, Japan April 11, 2025. REUTERS/Issei Kato
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TOKYO, Sept 24 : Japan’s manufacturing activity rose at a slower pace in September from the previous month as output and new orders softened, while solid overseas demand helped firms’ activity, a private-sector survey showed on Thursday.
• The S&P Global flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 54.1 in September from 54.9 in August. A reading above 50.0 indicates expansion in activity, while below that level signals contraction.
• A key sub-index for factory output rose at the slowest pace in three months and new orders grew at the weakest rate in four months, though both expanded for a ninth straight month.
• New export orders remained a bright spot with continued strength in overseas demand.
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• Manufacturing employment posted another solid gain, helping drive the fastest pace of private-sector payroll growth in seven months.
• Manufacturers’ confidence in business outlook hit its highest level since February, with firms pointing to sustained demand in AI-related sectors, semiconductors, defence and automobiles.
• The services sector also slowed, with the flash Japan services PMI slipping to 51.6 from 52.5 in August. The composite PMI, which combines manufacturing and services, fell to 52.5 in September from 53.5 in August, its slowest expansion since May.
• Cost pressures on Japan’s private sector eased slightly but remained historically elevated. Input prices rose due to a weak yen, the Middle East conflict pushing up energy and raw material prices, and higher staff and transport expenses.
• Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said: “The survey showed encouraging signs when it came to business confidence and employment … Nevertheless firms expressed concerns that high prices and relatively sluggish domestic demand could dampen performance.”
Source: Reuters
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