Japan Industrial Output Drops 3.6% In June

(RTTNews) - Industrial production in Japan was down a seasonally adjusted 3.6 percent on month in June, the Ministry of Economy, Trade and Industry said in Tuesday's preliminary reading.

That missed forecasts for a decline of 1.8 percent following the 2.0 percent gain in May.

On a yearly basis, industrial production sank 4.1 percent - again missing expectations for a drop of 2.0 percent after sliding 2.1 percent in the previous month.

Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.

Shipments were down 3.3 percent on month and 4.2 percent on year, while inventories added 0.3 percent on month and 2.9 percent on year. The inventory ratio was up 2.8 percent on month and 6.3 percent on year.

According to the METI's forecast for industrial production, output is expected to climb 2.7 percent on month in July and 0.6 percent in August.

Also on Tuesday, the Ministry of Internal Affairs and Communications said that Japan's jobless rate came in at a seasonally adjusted 2.3 percent in June.

That was beneath expectations for 2.4 percent, which would have been unchanged from the May reading.

The job-to-applicant ratio was 1.61, below forecasts for 1.62, which again would have been unchanged.

The participation rate was 62.3 percent.

The number of employed persons in June 2019 was 67.47 million, an increase of 600,000 or 0.9 percent on year.

The number of unemployed persons in June 2019 was 1.62 million, a decrease of 60,000 or 3.6 percent on year.
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