Japan factory growth slows to seven-month low

Japan’s manufacturing sector continued to expand in October, but its growth slowed to a seven-month low: the flash PMI fell to 53.3 from 54.1, below forecasts. Output and new orders grew at their weakest pace since March, export growth cooled, and hiring and business confidence weakened. Rising input costs—including raw materials, labor and energy—added pressure, while manufacturers increased purchasing enough to build up inventories at the fastest rate in nearly four years. Services activity strengthened, with its PMI rising to 52.0, while the composite index held at 52.3, marking a 19th consecutive month of private-sector growth.