The au Jibun Bank Japan Manufacturing PMI unexpectedly fell to 49.0 in November 2024, its lowest level since March, down from a final reading of 49.2 in October and below market expectations of 49.5, according to preliminary data.
Japan manufacturing PMI falls to eight-month low
This marked the fifth consecutive month of contraction in factory activity, with both output and new orders declining. Output saw its sharpest drop since April, while foreign demand and purchasing activity remained subdued, though the pace of decline slowed. Employment levels were reduced for the first time since February, and work backlogs decreased significantly.
Input price moderated
Delivery times continued to lengthen, but at a slower rate. On the cost side, input price inflation moderated to a seven-month low, while output price inflation increased to its highest level since July. Despite these challenges, business sentiment showed improvement.
