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Japanese manufacturing activity falls as exports shrink

Japan's export orders are contracting while the unemployment rate is rising
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Japanese manufacturing activity shrank for a third consecutive month in November as a strong yen hit exports.

The Nomura/JMMA Japan Manufacturing Purchasing Managers Index (PMI) stayed below the 50 threshold that separates contraction from growth.

The index for new export orders fell to 46.9 from 48.4 in the previous month, showing that export orders contracted at their fastest pace in 19 months.

Also, new figures showed Japan's jobless rate rose to 5.1% in October

"Real exports in gross domestic product statistics were already showing a slowdown in July-September," said Kohei Okazaki, an economist at Nomura Securities.

"This trend appears to have persisted in October to November," he said.

Meanwhile, Japan's national unemployment rate rose to 5.1% in October, from 5% in September.

While the rate is still far below some other industrialised nations, it is relatively high for Japan.

Last week, the Japanese parliament passed a new $61bn stimulus package aimed at creating jobs and reviving the country's faltering economic recovery.




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