The manufacturing sector in Japan continued to contract in May, and at a faster pace, the latest survey from Jibun Bank revealed on Thursday with a manufacturing PMI score of 31.7.
That’s down from 34.7 in April and it moves further beneath the boom or bust line of 50 that separates expansion from contraction.
The report also showed that the services PMI improved to 25.3 in May, up from the record low 21.5 in April but still well below the line for expansion.
The composite Index came in with a score of 27.4 in May, up from 25.8 a month earlier.
The individual components for all three indexes – output, new orders, new export orders, employment, backlogs, output prices, input prices and future output – were all firmly in contraction territory because of the global economic shutdown resulting from the Covid-19 pandemic.