By Anadolu Agency
October 2, 2023 7:16 amISTANBUL
Business conditions in Japan’s manufacturing sector worsened at the end of the third quarter, data provider S&P Global revealed on Monday.
“The latest data indicated weakness across the two main components of the PMI (Purchasing Managers Index), with sharper falls in output and new orders, while employment, stocks of purchases and suppliers’ delivery times were broadly neutral,” it stated in a report.
It noted that the weakness in new orders caused concerns, as the absence of incoming business resulted in a sharper decline in outstanding work.
“Manufacturers also faced a steep rise in price pressures in September, as the rate of input price inflation quickened to the highest since May,” the report added.
Usamah Bhatti, an expert from S&P Global, said the PMI signaled a sustained downturn in manufacturing sector performance at the end of the third quarter.
“The headline reading was the weakest since February and pointed to a modest downturn in the health of the sector,” he added.
He said depressed economic conditions both on the global scale and domestic market weighed heavily on the sector, as both output and new orders decreased.
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