Japan data: Final November Jibun Bank Services PMI: 50.8 (prior 51.6)
<p>The final numbers for Jibun / S&P Global PMIs from Japan for November 2023.</p><p>Services show a big drop, but remain in expansion, at 50.8. This is the slowest in a year.</p><ul><li>vs prior 51.6</li></ul><p>Composite slips into contraction at 49.6</p><ul><li>prior 50.5</li></ul><p>***</p><p>The final for the manufacturing PMI in November is here:</p><ul><li><a href="https://www.forexlive.com/news/japan-data-final-november-manufacturing-pmi-483-prior-487-20231201/" target="_blank" rel="follow">Final November Manufacturing PMI: 48.3 (prior 48.7)</a></li></ul><p>Flash reading here:</p><ul><li><a href="https://www.forexlive.com/news/japan-preliminary-november-pmis-manufacturing-481-expected-488-20231124/" target="_blank" rel="follow">Japan preliminary November PMIs: Manufacturing 48.1 (expected 48.8)</a></li></ul><p>***</p><p>From the report, the key points:</p><ul><li>Rate of expansion eases for fifth time in six months in
November
</li><li>Growth outlook remains among strongest on record
</li><li>Cost pressures lowest in over two years</li></ul><p>And, analyst comment:</p><ul><li>"November data signalled a further loss of momentum in
the services sector, but this should be viewed in the context
of a year of strong growth. Over the course of 2023 the
Business Activity Index is currently trending at 53.7, easily
the highest annual reading since the survey began in 2007.
</li><li>"Looking beyond the headline figure the latest survey
results contain more positives. New business rose at a
slightly faster rate to extend the second-longest spell of
growth on record. Employment growth was maintained and
outstanding work rose. Moreover, the 12-month outlook for
activity improved and was among the strongest on record.
</li><li>"Price pressures eased further in November but remain
well above their long-run trends. Companies continue to
highlight growing cost burdens due to wages, fuel and
utilities."</li></ul><p>Well, the commentary is certainly upbeat. And, to be fair, the services PMI remains in expansion, which is a good result. Contracting manufacturing and composite is a worrisome niggle though. While the Bank of Japan is not going to spend to much time diving into this report its difficult to see them tightening policy on such results. </p><p>ps. the next Bank of Japan meeting,.the last one for this year, is on the 18th and 19th. The 'Summary' of that meeting is on the 27th, which I thought was pretty cool, giving me two days off over Christmas (the 25th and 26th). Until I saw this:</p><p>I reckon these guys do it on purpose, yeah?</p><p>;-) </p>
This article was written by Eamonn Sheridan at www.forexlive.com.
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