Japan’s manufacturing growth slows to seven-month low in October
Factories reported their weakest increases in output and new orders since March, while services activity strengthened.
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Factories reported their weakest increases in output and new orders since March, while services activity strengthened.
Japan’s manufacturing sector expanded at its slowest pace in seven months in October, according to S&P Global’s preliminary business survey reported on October 23. Services activity strengthened, leaving overall private-sector growth unchanged from September.
The purchasing managers’ indices, or PMIs, are business-survey indicators: readings above 50 signal expansion and those below 50 signal contraction. The figures are index readings, not measured percentage growth in gross domestic product, the value of goods and services produced in an economy.
| Survey index | September | October |
|---|---|---|
| Manufacturing PMI | 54.1 | 53.3 |
| Services business activity | 51.3 | 52.0 |
| Combined private-sector output | 52.3 | 52.3 |
The combined index marked a 19th consecutive month of private-sector expansion. Within that total, manufacturers recorded their weakest increases in output and new orders since March, while service businesses reported faster activity and sales growth.
Across the private sector, new business increased at its slowest pace in three months, and export-business growth slowed to a four-month low. Job creation fell to a 14-month low in pace: employment was still growing, rather than declining.
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Businesses also faced slightly faster increases in input costs, driven by higher raw-material and labour costs. Firms continued to raise their selling prices, although those increases slowed to their weakest pace in four months.
Manufacturers increased their purchasing, producing the largest accumulation of purchased stocks in almost four years. Across the private sector, confidence about the year ahead weakened to its lowest level since July.
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