Japan PMI November 2021


Japan: Composite PMI pushes further into expansionary territory in November

November 24, 2021

The Jibun Bank Composite Purchasing Managers’ Index (PMI)—which combines the PMIs of the services and manufacturing sectors—rose to 52.5 in November according to a flash reading, up from October’s final figure of 50.7. As such, the reading rose further above the 50-threshold, indicating the second consecutive month of improvement in operating conditions.

Concurrently, the services PMI rose to 52.1 in November from 50.7 in October, on the back of an uptick in demand and continued optimism regarding the outlook. On the manufacturing side, the PMI increased to 54.5 in November from 53.2 in the month prior. The reading reflected increases in new order growth and output, and marked the tenth consecutive month of improving conditions.

Commenting on the reading, Usamah Bhatti, economist at IHS Markit, reflected:

“Flash PMI data indicated that activity at Japanese private sector businesses rose for the second month running in November. Growth in output quickened from October and was the quickest recorded since October 2018. By sector, service providers noted the sharpest rise in activity since September 2019, while manufacturers indicated the fastest rate of growth for six months.”

FocusEconomics Consensus Forecast panelists project private non-residential investment to rise 4.8% in 2022, which is down 0.3 percentage points over last month’s projection, and grow 3.1% in 2023.

Author:, Economist

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Japan PMI Chart

Japan PMI November 2021 0

Note: Jibun Bank Composite, Manufacturing and Services Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: IHS Markit and Jibun Bank.

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