Japan Factory Growth Slows to 7-Month Low as PMI Falls to 53.3
The index fell to 53.3 from 54.1 in September. It still sits above its long-run average of 50.6, signaling continued expansion.
“The Japanese manufacturing sector has been unable to sustain the rates of growth in output and new orders we saw earlier in the year, but we are still looking at a decent pace of expansion by historical standards at the start of the fourth quarter,” said Phil Smith, economics associate director at S&P Global Market Intelligence.
Growth in total sales and export orders also dropped to seven-month lows, even as global demand for artificial intelligence (AI) and semiconductors provided support, the report said.
The labor market stayed strong. Hiring remained among the fastest of the past decade as backlogs of work grew.
Cost pressures worsened. Input price inflation quickened for the first time in five months, driven by higher prices for oil, raw materials and components, according to the report.
Business confidence, however, edged up to an eight-month high on the back of expanding order books.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
