TOKYO (AP) — Japan reports that its manufacturing output and household spending fell in March, while the jobless rate remained at a 22-year low.
The data released Friday generally were slightly weaker than analysts had forecast, though the outlook for the world’s third-largest economy remained upbeat.
Here are a few highlights from the data, and their implications:
FACTORY OUTPUT: Industrial output fell 2.1 percent from February but was up 3.3 percent from the same month a year earlier. But manufacturers were forecasting an 8.9 percent increase in April.
INFLATION: Core inflation, which excludes volatile fresh food prices, rose 0.2 percent, well below the central bank’s official target of 2 percent but still the third straight month of increase.
UNEMPLOYMENT: Unemployment was unchanged from February at 2.8 percent, while the number of jobs available per worker seeking work rose to 1.45, the highest rate since November 1990.
WAGES AND HOUSEHOLD SPENDING: Household spending fell 1.3 percent from the month before and 2.0 percent from March 2016, while household average incomes adjusted for inflation fell 1.1 percent from a year earlier. Anemic growth in wages and worries over future cuts to pensions and other social spending are constraining the consumer spending that drives growth in Japan.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Main Street Minute: Big-name companies set to attend Phoenix job fair
- Target is raising minimum hourly wage to $15 by end of 2020
- Main Street Minute: Free golf for girls clinic set for Phoenix course
- Campus museum honors Colangelo, ‘godfather’ of Phoenix pro sports
- Main Street Minute: State library picks up grant to digitize newspapers