Japan Private Sector Contracts For First Time In 4 Months
2024-10-18
1783
(fxcue news) - Japan's private sector fell into the contraction zone for the first time in four months in October, the Purchasing Managers' survey compiled by S&P Global showed on Thursday.
The au Jibun Bank flash composite output index posted 49.4 compared to 52.0 in the previous month. A score below 50 suggests contraction.
Both manufacturing and services shrank in October due to a muted economy and subdued new order inflows.
Suggesting a strong deterioration in manufacturing conditions, the flash factory Purchasing Managers' Index dropped to 49.0 from 49.7 in September.
The flash services PMI registered 49.3, down from 53.1 in September. This was the biggest fall since February 2022.
After three months of expansion, new business received by the companies decreased moderately in October. Domestic orders dropped on weaker activity and orders from abroad fell the most since February 2023.
Confidence about the business activity growth over the coming twelve months softened and was the least pronounced since August 2020. Respondents cited the current economic malaise and the stubbornness of high prices damped sentiment.
Firms registered a stronger rate of output charge inflation for the second successive month and that was well above the series average.
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