Japan Jibun Bank / Markit preliminary PMIs for September

Manufacturing 47.3

  • prior 47.2

Services 45.6

  • prior 45.0

Composite 45.5

  • prior 45.2

Some improvement in these indexes but still all in contraction.

From the report:

  • a further decline in Japanese private sector output during September, setting the scene for further economic weakness in the third quarter
  • New order inflows continued to fall in September, reflecting subdued demand.
  • The survey also revealed some positive signs. Firstly, employment moved closer to stabilisation, with only a marginal drop in workforce numbers that was the weakest in the current sequence of job shedding. Secondly, business sentiment improved to the strongest since the start of the year, with manufacturing firms particularly optimistic about the year-ahead outlook.