TOKYO (dpa-AFX) - Japan's private sector expanded at a solid pace in October as services activity picked up, while manufacturing growth slowed to a seven-month low, flash purchasing managers' survey compiled by S&P Global showed Friday.
At 52.3, the composite output index was unchanged from September. The private sector activity expanded for the nineteenth consecutive month but the rate of growth was the joint-lowest since May.
Manufacturers reported the softest growth in output in seven months, while services business activity logged a strong improvement.
The flash manufacturing Purchasing Mangers' Index dropped to 53.3 from 54.1 in the previous month. The score was seen at 54.5. Meanwhile, the services PMI rose to 52.0 from 51.3 a month ago.
The survey showed that new order growth softened in October. Despite another increase in the amount of backlogged work, firms expanded their payrolls only marginally.
Regarding prices, data revealed sharp increase in average input prices, but selling price inflation eased to a four-month low. Concerns around persistent inflation meant forecasts for the year ahead were at their lowest since July.
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