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Japan January manufacturing PMI shows solid growth at start of year
February 2, 2015 / 1:41 AM / 3 years ago

Japan January manufacturing PMI shows solid growth at start of year

TOKYO (Reuters) - Japanese manufacturing activity showed sustained growth in January, a survey showed on Monday, suggesting domestic demand continues to recover after the economy fell into a surprise recession last year.

A man works inside a factory in Tokyo August 12, 2013. REUTERS/Yuya Shino

The final Markit/JMMA Japan Manufacturing Purchasing Managers Index (PMI) was 52.2 in January, slightly above a preliminary reading of 52.1 and higher than 52.0 in December.

It remained above the 50 threshold that separates contraction from expansion for the eighth consecutive month.

The output component of the PMI index was 52.7, more than a preliminary reading of 52.3 and 52.5 in December.

New export orders rose for a seventh straight month and at a faster pace compared to December.

Japan’s economy is expected to grow an annualized 3.2 percent in the fourth quarter of last year and an annualized 2.1 percent this quarter, rebounding from a mild recession after a sales tax increase last April, according to a Reuters poll.

Economists expect growth in consumer spending, exports and capital expenditure to drive growth this year.

Data last week showing a tightening labor market and gains in industrial output also suggest the economy will continue to expand this year.

Reporting by Stanley White; Editing by Kim Coghill

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