Japan PMI Manufacturing dropped from 50.7 to 49.4 in November, below expectation of 50.7. That’s the first contraction reading since January 2021. PMI Services dropped from 53.2 to 50.0. PMI Composite dropped from 51.8 to 48.9.
Laura Denman, Economist at S&P Global Market Intelligence, said:
“Activity at Japanese private sector firms declined for the first time in three months, according to November flash PMI data. Central to the latest downturn was a poor performance at Japanese manufacturing firms. Cooling demand conditions and acute inflationary pressures reportedly continued to hamper output and new orders… Meanwhile, services firms signalled no change in activity levels from the month prior.”
