Japan Services PMI Rises to 51.7 in October While Composite Hits Five-Month Low

Japan's private-sector momentum slowed in October as the Composite PMI slipped to a five-month low of 52.1 from 52.3 in September, weighed down by weakening manufacturing output. In contrast, the final S&P Global Services PMI rose to 51.7 from 51.3, marking a fifth straight month of expansion driven by domestic demand, though it trailed the 52.0 flash estimate. Despite resilient service orders, overall economic vulnerabilities increased: private-sector job creation dropped to a one-year low, services hiring hit a 14-month low, and business confidence dropped to its weakest level since March amid inflation and labor shortages.