TOKYO – Japan’s factory activity shrank for a third straight month in August amid higher oil prices and uncertainty over the global economic outlook, although the pace of decline slowed, a private sector survey showed on Wednesday.
The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) edged up to a seasonally adjusted 49.7 in August from 49.6 in July. The index remained below the 50.0 index point threshold, which separates contraction from expansion.
Output and new orders in the manufacturing sector shrank for a third straight month in August but at a slower pace than the previous month. Employment was unchanged, snapping 28 straight months of expansion.
Keep on reading: Japan’s factory activity shrinks at slower pace in Aug – PMI