The Jibun Bank Japan Manufacturing PMI dropped to 48.5 in October 2019 from a final 48.9 in September and missing market consensus of 48.8, a preliminary reading showed. This was the sixth consecutive month of contraction in factory activity and the steepest since June 2016, amid slowing global growth and following the consumption tax increase. New orders fell the most in nearly seven years and overseas sales declined further. Meanwhile, output growth accelerated, with backlogs of work depleting faster. On the price front, input price inflation slowed, while selling charge decreased at a softer rate. Looking ahead, sentiment turned to negative.
