According to CoinMeta, Japan's manufacturing sector saw its expansion rate drop to its lowest level in seven months in October, with the preliminary reading of S&P Global PMI falling from 54.1 in September to 53.3. The growth rate of new orders for commodity producers also declined to its lowest level since March, and the overall growth rate of new export business in the private sector slowed to its lowest level in four months. The survey indicated that manufacturers' output growth slowed to its lowest level since March, while manufacturing employment increased moderately in October. Manufacturers increased their purchasing activities, resulting in the largest increase in procurement inventories in nearly four years. Service sector activity rose slightly in October, with the preliminary reading of S&P Global Japan Services PMI Business Activity Index rising from 51.3 to 52.0. The growth in service sector business activity expanded, and sales growth also accelerated. Usama Batti, a financial economist at S&P Global Markets, stated that the preliminary reading of PMI in October showed that Japan's overall business activity growth was flat compared to the previous month and remained below the average level so far this year.