Final PMI from Japan for October 2023 comes in at 48.7:
- flash was 48.5
- and 48.5 prior
Jibun / S&P Global Preliminary October PMIs for Japan are here.
Another dismal result.
Comments from the report:
“Another month of deteriorating operating conditions was signalled by the PMI during October, as depressed industrial demand both at home and abroad weighed on sector performance. Companies continued to batten down the hatches by cutting purchasing, not replacing leavers and focusing on smart inventory management to minimise any unnecessary plant costs. Still, inflationary pressures remained somewhat sticky, with costs again rising quite steeply and charges up to a marked degree.
“There are hopes however that the current market downturn is finding a bottom. Firms are widely anticipating some growth and improvement in 2024, with the inventory cycle expected to turn after a prolonged period of destocking, and demand from key Japanese industrial sectors forecast to rise over the coming 12 months.”
