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Japan PMI October 2023

Japan: Composite PMI deteriorates in October

The au Jibun Bank Composite Purchasing Managers’ Index (PMI) fell to 50.5 in October from September’s 52.1. October’s result marked the worst reading since December 2022. As a result, the index moved closer to the 50.0 no-change threshold, signaling a smaller improvement in private sector operating conditions from the previous month.

The Manufacturing PMI clocked in at 48.7 in October, up slightly from September’s 48.5. Lastly, the Services PMI decreased to 51.6 in October (September: 53.8).

Output and new orders fell in the manufacturing sector, and rose at weaker rates in the services sector. Meanwhile, employment fell in the manufacturing sector for the first time since February 2021, while it continued to rise in the services sector. Looking at prices, both input and output charges continued to rise in both sectors. Finally, businesses in both sectors remained optimistic.

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