Japan services PMI drops to 49.3, first decline since June

According to flash data, the au Jibun Bank Japan Services PMI fell to 49.3 in October 2024 from 53.1 in the previous month.

Japan services PMI drops to 49.3, first decline since June

This marked the first contraction in the service sector since June and the sharpest decline since February 2022, driven by a renewed drop in new business amid domestic and international economic weakness.

Japan's employment growth slows as price hikes ease

Employment growth slowed as firms indicated they had sufficient capacity to meet current workloads. Input cost inflation rose, but companies increased prices at the slowest pace in 11 months to support sales. Confidence also declined significantly due to concerns over stagnant demand and labor shortages.