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Japan’s Business Activity Shrinks in October: PMI Data
Preliminary data from the au Jibun Bank showed Japan’s business activity contracted in October 2024, with both manufacturing and services sectors shrinking. This marks a significant downturn in Japan’s economic outlook, driven by weak demand and production challenges in key industries.
Manufacturing Sector Contraction
Japan's manufacturing PMI fell to 49.0 in October, down from 49.7 in September, indicating a deeper contraction than expected. This is the third consecutive month of decline for the sector, reflecting disruptions in major automakers facing a growing safety scandal. Additionally, shrinking local and overseas demand caused order growth to decline, further exacerbating the slowdown.
The Services Sector Slips into Contraction
The services sector, which had previously been a source of resilience for Japan's economy, also saw a sharp drop. The services PMI decreased from 53.1 in September to 49.3 in October, falling into contraction for the first time since June. The dip in services activity contributed to a decline in overall business activity, as the composite PMI fell to 49.4 from 52.0 in the previous month.
Economic Outlook
Economists from S&P Global highlighted weaker economic conditions, noting that while private spending had picked up, it was insufficient to offset broader challenges. Japanese companies are growing more cautious about the country’s economic future.
