Japan Composite PMI

The au Jibun Bank Japan Composite PMI was at 53.3 in November 2021, compared with a flash reading of 52.5 and after a final 50.7 in October. This was the second straight month of increase in private sector activity and the strongest pace since October 2017 as COVID-19 cases receded and curbs were eased further. Growth was led by the quickest rise in services activity for over two years while manufacturing output growth hit a seven-month high. New orders grew solidly, and at the strongest since October 2018, with service providers noting the sharper upturn, recording the fastest increase in new business since March 2019. This contributed to the first rise in private sector backlogs since April. Meantime, employment rose the least in four months, despite evidence of increasing pressure on existing capacity. Firms in both sectors reported a further rapid rise in average cost burdens in November, with aggregate input prices rising at the sharpest pace since August 2008.