The au Jibun Bank Japan Manufacturing Purchasing Managers Index (PMI) stood at 49 in November, falling by 1.7 index points from the previous month and by 0.4 index points from a preliminary reading, according to the final report by the S&P Global published on Thursday. The November 2022 figure matched a two-year low and pointed to the first decline in activity in the sector since January 2021.
Output and new orders suffered the worst contraction in over two years and were blamed for the overall drop in conditions in Japanese manufacturing while selling price inflation was close to a record high.
On the other hand, "the degree of confidence remained above its historical average amid hopes for a sustained improvement on COVID-19 conditions and successful product launches," S&P Global Market Intelligence Economist Laura Denman wrote in the report.
