Japan preliminary November manufacturing PMI 49.0 (prior 49.2)Flash PMI from Japan - manufacturing November 2024
Jibun Bank / S&P Global
In summary from the report:
- Contraction Continues: Japanese private sector activity contracted for the second month in November, though the decline was less pronounced than in October (49.6).
- Services vs. Manufacturing: Service providers saw slight activity growth, while manufacturing output fell sharply, marking the steepest drop since April.
- Demand Stagnation: Overall demand remained stagnant, with new business in services steady but manufacturing new orders declining for the 18th consecutive month.
- Job Growth: Employment rose at the fastest pace in four months, supported by an increase in outstanding business.
- Elevated Price Pressures: Input costs remained high due to expensive raw materials and a weak yen, with firms accelerating price hikes for goods and services to offset these costs.
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I spoke earlier that the CPI data would provide support for arguments for a rate hike:
This PMI data argues the opposite!
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: Japan preliminary November manufacturing PMI 49.0 (prior 49.2) (https://www.forexlive.com/news/japan-preliminary-november-manufacturing-pmi-490-prior-492-20241122/)