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Economy in Brief

Japan MFG and Services Indices Diverge
by Robert Brusca April 21, 2008

Japan’s MFG and services sectors diverged in February. The MFG index stands at its highest level since 1993 and in growth terms (chart) it is accelerating to a more midrange value. The services sector (Japan’s tertiary Index) has, however, fallen sharply. While the service index is still strong, residing in the 87th percentile of its range, the drop in the index is sharp and worrisome. Even in recessions the index does not usually drop this sharply.

Up-to-date Japan Industry Surveys
Recent Months Moving Averages Extremes: Range
  Feb-2008 Jan-2008 Dec-2007 3-Mo 6-Mo 12-Mo Max Min %-Tile
Mining and MFG 110.2 108.5 109.1 109.3 109.0 108.0 110.2 87.0 100.0%
Tertiary 108.4 110.3 109.9 109.5 109.9 110.0 110.9 91.4 87.2%
Ranges, Max, Min since 1993
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