The manufacturing sector in Japan continued to contract in November, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 48.3.
That's down from 48.7 in October and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Contributing to the sub-50.0 PMI reading was a further contraction in output levels, and one that was the strongest seen in nine months. The downturn reportedly reflected production adjustments in response to weaker demand and a lack of new product launches.
There was also a sustained contraction in new orders midway through the final quarter of 2023. The rate of decline sharpened from October amid cooling demand in both domestic and international markets.
