Commentary Directory
- Q1 GDP Growth Jumps 1.1% on Strong Personal Consumption
- A Strong March Leads to a Surge in Chinese GDP in Q1 2023
- Durable Goods Retail Sales Suffer from High Interest Rates and Wary Consumers
- Choppy GDP Means UK Should Avoid Q1 Recession
- Japanese Consumer Confidence Jumps to Highest Level in Over a Year
- The End of Summer Sees the End of Disinflation in Europe
- Labor Market Indicators are Starting to Unify on Easing in Hiring
- Inflation and Tight Financial Conditions Weigh on the German Consumer
- Euro Area Money Supply Contracts for the First Time Since 2010
- Dismal Economic Data Out of Germany
- Core Durable Goods New Orders See Gentle Uptrend in July
- More UK Data Pointing to Q3 Decline
- Whispers of a UK Contraction in Q3
- Japan's Core Inflation Resumes Uptrend in July
- Early July Economic Data Leads to a Sharp Increase in Q3 Growth Expectations
- UK CPI: Energy Inflation Crashes but Services Inflation is Still Sticky
- China's Weak Start to Q3 Means More PBoC Easing
- A Breather for the Eurozone as Inflation Hits Two-Year Low
- Germany's September CPI Report: A Clearer Picture of Inflation Trends
- US Manufacturing Demonstrates Resilience Amidst Volatility in August
- The ECB Prepares to Address Excess Liquidity Through the MRR
- Bank of Japan is Too Optimistic on Inflation
- The Bank of England Pauses in a Near Split Decision
- UK Inflation August Update: A Precursor to the Bank of England's Announcement
- Housing Starts Tumble in August Amid Rising Mortgage Rates
- US Retail Sales Grow at Fastest Monthly Rate Since the Start of the Year
- US Consumer Prices Surge in August Driven by Energy Costs
- August NFIB Survey Showed a Tough Environment for Small Businesses
- All Signs Point to a Weaker Labor Market in August
- Chinese CPI Trying to Buck the Deflation Trend
- Energy Prices Rise but the Core Disinflationary Trend is Maintained in September
- PPI's Quiet Rise and the Energy Elephant in the Room
- Small Businesses Grapple with Inflation and Financial Strain in September
- A Wacky September Jobs Report Shows Strong Labor Market
- A Look at the Fragile US Labor Market Ahead of the Nonfarm Payrolls Report
- Thoughts on GME and This Week in the Stock Market
- Record Home Price Levels Point to Strength in Post-Pandemic Economy
- The Stock Market Looks Overvalued, but It's Probably Not
- China GDP Growth Surpasses Expectations
- President-elect Joe Biden Introduces His "American Rescue Plan"
- Political Polarization Intensifies with Another Impeachment Along Party Lines
- Metal Demand Has a Bright Future in 2021 and Beyond
- What Happened to That US-China Trade Dispute?
- Civil Unrest, A Rising Threat to the 2021 Economy
- What's in the $900 Billion Relief Plan?
Japan Machinery Orders: August 2023
Jacob Hess
October 11, 2023
- EconoBrief
- Japan
Japan Machinery Orders
10/11/2023 (August 2023)
-14.0% MoM
Below Expectations
Highlights
| Orders (ex-Volatile Orders) | -0.5 MoM |
| Manufacturing | +2.2% MoM |
| Non-Manufacturing | -3.8% MoM |
The recent Japan machinery orders report for August 2023 has unveiled further volatility in the industrial sector Overall, total machinery orders in August experienced a significant drop of -14.0% MoM, following an impressive 9.8% MoM growth in July. When it comes to the private sector, there was a steep decline of -23.7% MoM in August, a contrast from the substantial 26.6% MoM surge seen in July. However, the data excluding volatile orders showed only a moderate dip of -0.5% MoM in August. Forecasted figures for the Jul-Sep quarter present a somewhat bleak picture with the total orders anticipated to decrease by -2.8% QoQ.
There looks to be some volatility in machinery order data as a result of larger projects boosting July data, but the smoothed out trend over the quarter looks to be clearly negative as the quarterly forecast at the headline level and non-volatile level are at -2.8% QoQ and -2.6% QoQ respectively. It looks like the bloat of government orders in the first two quarters has been dissipated in the third quarter, and private demand has been left for dead. The bleak outlook points a weak Q3 growth picture.
© MTS Insights 2023