Japan final manufacturing PMIs (December 2024 ): 49.6 (prior 49.0) ...Middle East

Manufacturing PMI from Japan, final for December 2024 improves from the flash reading, and from November to 49.6, still in contraction:

preliminary (flash report is here) was 49.4prior 49.0

Manufacturing Economy: Japan's manufacturing economy showed signs of stabilisation towards the end of 2024, with softer declines in new orders and output.

Outstanding Business: There was a continued sharp decline in outstanding business due to weak new order growth.

Purchasing and Stocks: Purchasing activity decreased for the third consecutive month, and stock levels were depleted at the fastest rate since January 2021.

Future Confidence: Manufacturers were optimistic about the future, citing expectations of new product launches, business expansion, and recovery in key markets like semiconductors and automobiles.

Output and Demand: Output decline softened, driven by muted demand. However, there were signs of stabilization in new orders and a slight recovery in new export demand, particularly from markets like China and the US.

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September 2024: The PMI stood at 49.7, signaling a contraction in manufacturing activity.

November 2024: The PMI further decreased to 49.0, the lowest level since March, indicating a modest yet stronger contraction. This decline was driven by sustained reductions in new orders and output, with subdued demand from both domestic and international markets. Notably, firms reduced employment levels for the first time since February, and backlogs of work fell significantly.

For Japan's Services PMI over the past three months:

October 2024: The index declined to 49.7, signaling a contraction—the first since June. This downturn was attributed to slower sales and a renewed decline in export orders. Business confidence also dropped to a 31-month low.

These fluctuations highlight the services sector's sensitivity to domestic and international demand, as well as cost pressures impacting business sentiment and activity levels.

This article was written by Eamonn Sheridan at www.forexlive.com.

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