Nikkei / Markit Manufacturing PMI for October, the preliminary reading
Comes in at a much improved on the month reading of 51.7
- prior 50.4
- Fastest rate of expansion in 9 months (ps. like I said, this is preliminary reading; we'll get the final in a week or so - so all this subject to confirmation from the final figure. This 'flash' is based on around 85 to 90% of responses having been received, so the final shouldn't be too much different)
- The Output Index jumped to 53.7, from 50.8 in September
- Production increased at the fastest rate since December 2015
Comment from Amy Brownbill, economist at IHS Markit:
- "Manufacturing conditions in Japan continued to improve in October.
- Production rose at the sharpest rate this year so far helped by a boost in sales, which have increased for the first time since January.
- Data suggested that a strong expansion in foreign demand led to the rise in total new orders, as new exports rose at the fastest rate in nine months.
- Not surprisingly, goods producers were more confident to take on additional workers, with the rate of job hiring picking up to a two-and-a-half year high.
- Firms also benefitted from lower cost burdens, as input prices declined."
This is a better sign from the Japanese economy. There is usually little immediate response from the yen to this data ... today doesn't depart from that pattern, its little changed.
An update of across the board USD rates:
more to come
