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Financial News: Japan Industrial Production Spikes 2.1% In August

Japan Industrial Production Spikes 2.1% In August

09/28/2017 - 21:31:00 (RTTNews)

(RTTNews) - Industrial output in Japan advanced a seasonally adjusted 2.1 percent on month in August, the Ministry of Economy, Trade and Industry said on Friday.

That beat forecasts for a gain of 1.8 percent following the 0.8 percent decline in July.

On a yearly basis, industrial production climbed 5.4 percent - again topping forecasts for 5.2 percent and up from 4.7 percent in the previous month.

Upon the release of the data, the METI maintained its assessment of industrial production saying was that it shows signs of picking up.

Industries that were up in August included business oriented machinery, transport equipment and electronic parts - while chemicals, petroleum products and non-ferrous metals were down.

Shipments were up 1.8 percent on month and 5.8 percent on year.

Industries that were up included business oriented machinery, transport equipment and iron and steel - while electronic parts, petroleum products and textiles were down.

Inventories were down 0.6 percent on month and 3.0 percent on year.

Industries that saw increased production included iron and steel, non-ferrous metals and petroleum products.

Industries that were down included business oriented machinery, electrical machinery and transport equipment.

According to the survey of production forecast, industrial output is expected to fall 1.9 percent in September and climb 3.5 percent in October.

Industries expected to contribute to the decline in September include business oriented machinery, communications equipment and electronic parts.

Industries that are expected to contribute to the increase in October include business oriented machinery, electrical machinery and electronic parts.

Also on Friday: . Overall nationwide consumer prices in Japan were up 0.7 percent on year in August, the Ministry of Internal Affairs and Communications said. That exceeded forecasts for 0.6 percent and was up from 0.4 percent in July.

Core CPI, which excludes food prices, also advanced 0.7 percent - in line with forecasts and up from 0.5 percent in the previous month.

On a monthly basis, overall inflation was up 0.2 percent and core CPI added 0.1 percent.

Overall inflation for the Tokyo region, considered a leading indicator for the nationwide trend, gained 0.5 percent on year in September. That was unchanged, although it missed forecasts for 0.6 percent.

Core CPI for Tokyo also was up 0.5 percent on year - matching forecasts and up from 0.4 percent in August.

On a monthly basis, overall inflation fell 0.1 percent and core CPI was flat.

. The average of household spending in Japan was up 0.6 percent on year in August, the Ministry of Internal Affairs and Communications said - coming in at 280,320 yen. That missed forecasts for an increase of 0.9 percent following the 0.2 percent decline in July.

The average of monthly income per household stood at 485,099 yen, up 0.2 percent on year. The average of consumption expenditures per household was 301,574 yen, down an annual 0.8 percent.

. The unemployment rate in Japan came in at a seasonally adjusted 2.8 percent in August, the Ministry of Internal Affairs and Communications said - in line with expectations and unchanged from the previous month. The job-to-applicant ratio was 1.52 - unchanged but shy of expectations for 1.53.

The number of employed persons in August was 65.73 million, an increase of 840,000 0r 1.3 percent on year. The number of unemployed persons in August was 1.89 million, a decrease of 230,000 or 10.8 percent on year. The participation rate was 60.9 percent.

. Retail sales in Japan dropped a seasonally adjusted 1.76 percent on month in August, the ministry of Economy, Trade and Industry said - missing forecasts for a decline of 0.5 percent following the 1.1 percent gain in July.

On a yearly basis, retail sales advanced 1.7 percent - again shy of expectations for 2.4 percent and down from 1.8 percent in the previous month.

Sales from large retailers were up 0.6 percent on year, beating forecasts for 0.3 percent following the 0.2 percent contraction a month earlier.

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