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Japan Jibun Bank services PMI 49.7 vs 50.3 prelim

Japan Jibun Bank PMIs

  • First reading below 50 since 2016
  • Prior was 52.8
  • Composite 49.1 vs 49.8 prelim
  • Prior composite PMI 51.1

The sharp drop in this index is a result of the devastating Typhoon Hagibis at the start of October. However with the consumption tax hike, there is a risk of continue weakness.

“It seems that the services sector may struggle to offset manufacturing weakness,” said Joe Hayes, economist at IHS Markit — the firm that conducts the survey. “Short-term pricing and demand adjustments to the taxation change will likely dampen activity in the closing months of 2019.”

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