JEQ - Japan factory activity steady and service PMI growth slows in October amid weak demand
2023-10-24 02:06:44 ET
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The au Jibun Bank Japan Manufacturing PMI stood at 48.5 in October 2023, unchanged from September’s seven-month low, signaling a fifth consecutive deterioration in operating conditions, preliminary estimates showed, amid a sustained reduction in new orders led to production shrinking at the fastest rate in eight months, with export orders falling at a stronger rate.
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The au Jibun Bank Japan Services PMI declined to 51.1 in October 2023 from 53.9 in the previous month, pointing to the weakest growth in the sector since December last year, due to softer rises in new business while foreign demand declined for the first time in 14 months, flash data showed.
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The au Jibun Bank Japan Composite PMI fell to 49.9 in October 2023 from 52.1 in September, turning contractionary for the first time since December last year amid ongoing weakness in the country’s manufacturing sector.
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Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said: “After having progressively lost growth momentum in the past months, the Japanese private sector economy saw its first fall in business activity since December 2022, albeit one that was only marginal. This was primarily attributed to a sharper fall in manufacturing output, the quickest in eight months.”
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Japan factory activity steady and service PMI growth slows in October amid weak demand