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Financial News: Japan Industrial Output Jumps 1.4% In September

Japan Industrial Output Jumps 1.4% In September

10/30/2019 - 20:20:00 (RTTNews)

(RTTNews) - Industrial production in Japan was up a seasonally adjusted 1.4 percent on month in September, the Ministry of Economy, Trade and Industry said in Thursday's preliminary report.

That beat forecasts for an increase of 0.4 percent following the 1.2 percent decline in August.

On a yearly basis, industrial output was up 1.1 percent - again beating expectations for a decline of 0.1 percent following the 4.7 percent drop in the previous month.

Upon the release of the data, the METI kept its assessment of industrial production unchanged, saying: Industrial production is in a weak tone recently.

Industries that contributed to the increase included business oriented machinery, production machinery and electrical machinery - which offset declines among chemicals, motor vehicles and electronic parts.

Shipments were up 1.3 percent on month and 2.0 percent on year on gains from production machinery, business oriented machinery and iron and steel.

Inventories fell 1.6 percent on month but added 0.7 percent on year, weighed by declines among petroleum products, electrical machinery and chemicals.

The forecast for October's output suggests an increase of 0.6 percent, followed by a 1.2 percent drop in November.

The gain in October is fueled by production machinery, electrical machinery and communications equipment. The drop in November is caused by electrical machinery and chemicals.

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