Jibun services and composite PMIs for January, final. Preliminary and prior are here:
Composite 49.9 (prior 52.5)
Some of the details are concerning:
- employment levels drop at the fastest pace for 20 months
- Business optimism to a five-month low
Some of the report commentary:
- return to contraction territory for both business activity and total new orders, with the rates of reduction the sharpest for five and four months, respectively.
- Total business activity dipped into contraction territory for the first time since September, despite a near eight-year high in manufacturing output growth.
- Businesses in the Japanese private sector did, however, note an easing in price pressures for the first time since August as input prices rose at the softest pace for three months. Despite this, input price inflation remained above the longterm trend as supply chain disruption continued to dampen domestic and global activity.
more to come