Economic Buzz: Japans Private Sector Contracts In November

24 Nov 2022 , 12:16 PM

Japans private sector activity contracted for the first time in three months in November amid a sharp downturn in the manufacturing sector, flash survey results from S&P Global showed. The Jibun Bank composite output index fell to 48.9 in November from 51.8 in the previous month. A score below 50.0 indicates contraction. The latest downturn was caused by poor performance at Japanese manufacturing firms due to cooling demand conditions and acute inflationary pressures. The manufacturing PMI declined to 46.3 in November from 48.7 in October. Meanwhile, service providers signaled no change in activity levels from the month prior. The services Purchasing Managers Index fell to 50.0 from 53.2 a month ago. Despite this, business inflows rose for the third consecutive month, as firms reported continued benefits from the National Travel Discount Programme.Powered by Commodity Insights