Manufacturing PMI from Japan, final for October 2024:
- preliminary was 49.0
- prior 49.7
From the report, not very encouraging for the Japanese economy:
- stronger deterioration in
the health of the manufacturing sector in Japan - output
fell only marginally but at the strongest rate since April - new orders contracted at the steepest pace for three
months - Firms often mentioned weakness in domestic and
global demand had weighed on sales and output, notably
in semiconductors and autos. - goods producers signalling a renewed fall in
purchasing activity - broad stagnation in employment
levels - firms increasingly
worked through backlogs of work, a sign that new order
inflows are not enough to sustain production -
confidence was little-changed from the near-two year low
seen in September - firms highlighted concern regarding
the timing of the recovery from the current economic
malaise
This article was written by Eamonn Sheridan at www.forexlive.com.
