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Japan’s private-sector growth lost momentum in September as weaker domestic demand slowed new orders across manufacturing and services, according to preliminary S&P Global purchasing managers’ index data released Thursday.
The S&P Global Flash Japan Composite PMI Output Index dropped to 52.5 in September from 53.5 in August. Although the reading remained above the 50 level that separates expansion from contraction, it marked the slowest growth since May. Japan’s private-sector activity has now expanded for 18 consecutive months.
The slowdown was evident across major sectors. Japan’s Flash Manufacturing PMI declined to 54.1 from 54.9, while the Services PMI Business Activity Index fell to 51.6 from 52.5. Manufacturing remained the stronger contributor to economic activity, though factory output expanded at its weakest pace in three months.
New business growth also cooled as softer domestic demand affected companies across the economy. Manufacturers continued to report solid sales gains, but growth slowed to a four-month low. Services companies also experienced weaker increases in new orders.
External demand provided some support. New export business grew at the same pace as August, when expansion reached an eight-and-a-half-year high. However, the improvement was driven entirely by manufacturers, while service providers recorded another decline in overseas demand.
Inflation pressures remained significant despite showing signs of moderation. Input-cost inflation eased to a four-month low, with businesses reporting higher energy and raw-material expenses partly linked to Middle East tensions and a weaker yen. Rising labor and transportation costs also added pressure. Selling-price inflation eased only slightly after reaching a survey record in August.
Japan’s labor market remained resilient, with private-sector employment increasing for a third straight year. Hiring accelerated to its fastest pace in seven months as both manufacturers and services companies expanded payrolls.
S&P Global said businesses remained concerned that high prices and subdued domestic demand could limit future growth. The flash PMI survey covered responses collected from September 8 to 21, while final manufacturing PMI figures are scheduled for release on October 1.
