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Japan PMI September 2023

Japan: Private-sector operating conditions improve at slower pace in September

The au Jibun Bank Composite Purchasing Managers’ Index (PMI) came in at 51.8 in September, down from August’s 52.6. September’s result marked the worst performance since February. As such, the index remained above the 50.0 no-change mark, pointing to a softer improvement in private sector operating conditions from the previous month. Weaker growth in output and new orders, together with a sharper decline in export orders and a drop in employment, drove the reading.

The Manufacturing PMI stood at 48.6 in September, down from August’s 49.6. Lastly, the services PMI activity index fell to 53.3 in September (August: 54.3).

On the reading, Usamah Bhatti, economist at S&P Global Market Intelligence, said:

“Forward-looking indicators from the survey suggest the potential for softening demand and activity over the coming months. Composite new order growth came close to stalling, as private sector firms noted the weakest expansion since February. While there was a further rise among services firms, Japanese manufacturers indicated that new orders fell at the strongest pace in seven months.”

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