TOKYO - Japan’s core machinery orders likely fell for the first time in four months in May, a Reuters poll found on Friday, suggesting companies remain cautious about new investments as the U.S.-China trade dispute drags on.
Core machinery orders likely fell 4.7% in May from the previous month, the poll of 16 economists showed. While volatile, the data series is regarded as an indicator of domestic capital spending in the next six to nine months.Compared with a year earlier, core orders, which exclude those for ships and electric utilities, are expected to have fallen 3.9% in May, the poll showed, following a 2.5% gain in April.
“On the other hand, demand for labor-saving investment on the back of solid domestic demand and a preferable jobs market underpin machinery orders.”Analysts polled by Reuters also expected Japan’s current account to register a surplus of 1.38 trillion yen in May, down from 1.71 trillion yen in April.
The finance ministry will announce the current account balance at the same time as the Cabinet Office’s machinery orders.
another leading indicator heading south
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