Flash reading was 52.9 and before 55.4.
Comment on Markit data:
- “February PMI data indicated a slower expansion in Japan’s manufacturing sector. The growth rate, however, slowed to a five-month low, amid a further reduction in production levels and a broad stagnation in exports. Panel members noted that the rise in COVID-19 cases due to Omicron and shortages of durable materials had dampened stronger improvement in a sector that had so far been trending higher. .
- “The significant supply chain disruption that dampened production and demand during the last investigation period was attributed to severe material shortages and delivery delays. As a result, pressures on Input prices have intensified further, with average costs rising at the fastest rate in 131 years, and companies have stepped up their efforts to protect themselves against future disruptions and price pressures by building up inventories. security of raw materials and other inputs at the fastest pace in the history of the survey.
- “As a result, manufacturers said the degree of optimism about the 12-month production outlook fell to a six-month low in February as hopes of ending the pandemic were dampened by fears of further waves of coronavirus outbreaks. This is broadly in line with IHS Markit’s forecast that industrial production is expected to grow 5.9% in 2022.”
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