JAPAN DATA: Manufacturing PMI Higher, Still Sub 50.0, Detail Positive
Japan's manufacturing PMI for Nov improved but from a low base. The print went to 48.8, from 48.2. The chart below plots this index (the white line on the chart) against Japan y/y industrial production growth. PMI softness is still providing some caution around the IP growth backdrop, although recent prints around business spend (in the Q3 GDP print) and core machine orders point to a positive end for Q3 momentum in this space. The detail on the manufacturing print showed output rose to 49.6 from 48.3 in Oct, while new orders were also up from Oct (via BBG). this points to potential for further PMI headline improvement into year end.
- The services PMI for Japan was unchanged in Nov at 53.1. The composite PMI rose to 52.0 from 51.5.
Fig 1: Japan Manufacturing PMI & Industrial Production Y/Y
Source: Bloomberg Finance L.P./MNI
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