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Services PMI Momentum Cools, Composite PMI Back Under 50.0

JAPAN DATA

Japan's October preliminary PMIs saw softer momentum relative to September. The Jibun Bank manufacturing PMI was unchanged at 48.5. The services print fell back to 51.1 from 53.8 prior. This dragged the composite index back into contractionary territory at 49.9, from 52.1 prior. Note there are no consensus estimates for these prints.

  • The detail on the manufacturing side showed output falling to 47.6 from 48.7 prior. New orders rose. For the headline manufacturing PMI, we remain above earlier 2023 lows, but only modestly.
  • On the services side, the headline index is back to December 2022 levels. We did see the employment sub-index rise to 52.8 (from 49.1), but the prices sub-index slipped.
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