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Financial News: Japan Industrial Production Tumbles 3.3% In May

Japan Industrial Production Tumbles 3.3% In May

06/29/2017 - 22:00:00 (RTTNews)

(RTTNews) - Industrial output in Japan slipped a seasonally adjusted 3.3 percent on month in May, the Ministry of Economy, Trade and Industry said on Friday.

That missed forecasts for a fall of 3.0 percent following the 4.0 percent gain in April.

On a yearly basis, industrial production advanced 6.8 percent - also shy of forecasts for 6.9 percent but up from 5.7 percent in the previous month.

Upon the release of the data, the METI's assessment of industrial production was that it shows signs of picking up.

Industries that were down in May included transport equipment, business oriented machinery and fabricated metals - while petroleum and coal products saw an increase.

Shipments were down 2.8 percent on month and up 5.5 percent on year.

Industries that were down included transport equipment, iron and steel and electronics devices - while petroleum and coal products saw an increase.

Inventories were up 0.1 percent on month and down 1.2 percent on year.

Industries that saw increased production included iron and steel, electrical machinery and electronics equipment.

Industries that were down included transport equipment, business oriented machinery and petroleum and coal products.

According to the survey of production forecast, industrial output is expected to rise 2.8 percent in June and fall 0.1 percent in July.

Industries that are expected to contribute to the increase in June include transport equipment, electrical machinery and business oriented machinery.

Industries that are expected to contribute to the decline in July include chemicals, transport equipment and others.

Also on Friday, the Ministry of Internal Affairs and Communications said: . The jobless rate in Japan came in at a seasonally adjusted 3.1 percent in May - exceeding expectations for 2.8 percent, which would have been unchanged from the April reading.

The job-to-applicant ratio was 1.49, beating forecasts for 1.48 - which also would have been unchanged.

The number of employed persons in May was 65.47 million, an increase of 760,000 or 1.2 percent on year.

The number of unemployed persons in May was 2.10 million, a decrease of 70,000 or 3.2 percent on year.

. The average of household spending in Japan was down 0.1 percent on year in May, coming in at 283,056 yen. That beat forecasts for a decline of 0.7 percent following the 1.4 percent drop in April.

The average of monthly income per household stood at 421,497 yen, down 1.7 percent on year.

The average of consumption expenditures per household was 315,194 yen, up an annual 2.3 percent.

. Overall consumer Prices in Japan were up 0.4 percent in May. That was unchanged from the previous month, although it was shy of expectations for 0.5 percent.

Core CPI, which excludes fresh food prices, also gained 0.4 percent on year. That was in line with expectations and up from 0.3 percent in April.

On a monthly basis, overall and core CPI both were unchanged.

Inflation in the Tokyo region, considered a leading indicator for the nationwide trend, saw a flat reading on year for both overall and core CPI.

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