Japan's industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis, underscoring the widespread impact of the coronavirus on factory activity and the overall business and consumer outlook.
TOKYO - Japan’s industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis, underscoring the widespread impact of the coronavirus on factory activity and the overall business and consumer outlook.
Ministry of Economy, Trade and Industry data out on Tuesday showed that factory output fell 8.4% month-on-month in May to 79.1, a level not seen since March 2009 when the financial crisis sapped global demand. Cars, production machinery, steel and other broad industries were hit hard by slumping demand at home and abroad due to the pandemic. None of the industries surveyed posted an increase in output.
The government, however, left its assessment of industrial production unchanged, saying it was “lowering sharply”, the bleakest official view since the global financial crisis in late 2008.Japan’s economy shrank an annualised 2.2% in January-March, slipping into recession for the first time in 4-1/2 years, and analysts expect the health crisis to have driven a deeper slump in the current quarter.
The jobs-to-applicants ratio fell to 1.20 in May from 1.32 in April, marking the lowest reading since July 2015, labour ministry data showed. It means six jobs were available per five job-seekers.
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