Japan PMI November 2020


Japan: Services and manufacturing PMIs fall in November

November 20, 2020

The Jibun Bank Composite Purchasing Managers’ Index (PMI)—which combines the PMIs of the services and manufacturing sectors—fell to 47.0 in November according to a flash reading, down from October’s final figure of 48.0. As such, the reading moved further below the 50-threshold, and therefore indicated the tenth consecutive month of worsening operating conditions.

The services PMI ticked down to 46.7 in November from 47.7 in October, likely on deteriorating output and demand. On the manufacturing side, the PMI slipped to 48.3 in November from October’s 48.7 reading, as production, new orders and employment all fell.

Commenting on the outlook, Bernard Aw, principal economist at IHS Markit, reflected:

“Looking ahead, the path to recovery remains fraught with challenges as a renewed rise in the number of Covid-19 cases worldwide could dampen global economic activity and trade, thereby putting Japanese exporters in a tough situation”

FocusEconomics Consensus Forecast panelists project private non-residential investment to rise 2.4% in 2021, which is down 1.0 percentage points over last month’s projection, and grow 3.6% in 2022.

Author:, Economist

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Japan PMI Chart

Japan PMI November 20 20

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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