Japan's factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year, highlighting the increasingly heavy toll a recent wave of COVID-19 infections is taking on the economy.
Manufacturers mostly withstood the impact of the coronavirus resurgence, due largely to the highly contagious Delta variant that is forcing governments in Japan and elsewhere in Asia to put in place lockdowns or other curbs.
Overall orders and export orders increased, though the pace of growth was the slowest in seven months. Firms faced severe supply chain disruptions from a global semiconductor shortage, IHS Markit said. The au Jibun Bank Flash Services PMI index dropped to a seasonally adjusted 43.5 from the previous month's final of 47.4, hitting its lowest since May 2020, when Japan's economy went through a deep COVID-19 slump.
"The decline in overall private sector activity was led by the larger services sector, where business activity fell for the 19th consecutive month," Bhatti said.
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