Japan PMI Manufacturing dropped to 48.3 in November, down from October’s 48.7, missed expectation of 48.9. The data signalled a deterioration in the sector for the 19th straight month. In particular, production and new orders contracted at faster rates, as well as employment. PMI Services also dropped to 46.7, down from 47.7. PMI Composite dropped to 47.0, down from 48.0.
Bernard Aw, principal Economist at IHS Markit, said: “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”.
