Japan Flash Composite PMI Holds at 52.3 in October as Services Offset Manufacturing Slowdown

Japan's private sector expansion held steady in October, with the S&P Global flash Composite PMI Output Index remaining unchanged at 52.3, marking 19 consecutive months of growth. A pickup in the services PMI to 52.0 from 51.3 offset a decline in the manufacturing PMI to 53.3 from 54.1, while manufacturing output dropped to a seven-month low of 53.1. However, underlying indicators showed emerging softness, with total job creation slowing to a 14-month low amid the first service-sector payroll contraction since August 2025. In addition, new order growth fell to a three-month low.