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The manufacturing sector in Japan continued to contract in October, albeit at a slower pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 48.0.
That's up 47.7 in September, although it remain beneath the boom-or-bust line of 50 that separates expansion from contraction.
Production and new orders fell further but at weaker rates. The decline in backlogs also moderated while employment fell marginally. Business expectations about the year ahead outlook remained positive.
The report also showed that the services index fell to 46.6 from 46.9 and the composite index rose to 46.7 from 46.6.
Among services, new business inflows shrank again, although the pace of decline was its weakest in three months. The labor market moved towards stabilization, with employment broadly unchanged in October.
