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TOKYO, Jan 31 (Reuters) - Japanese factories cut output slightly in December, capping an anaemic final quarter of 2022 for manufacturers hit by stalling global demand and rising costs.
Although retail sales, a barometer of service-sector activity and consumer spending, rose more than expected, the faltering factory activity is ill-timed as companies face calls to hike wages to sustain Japan's post-pandemic recovery. read more
Industrial output fell 0.1% in December from the previous month, government data showed on Tuesday. The drop was less than the median market forecast for a 1.2% decrease and followed upwardly-revised 0.2% growth in November.
Outputs of items such as general machinery and metal products, which dropped 6.0% and 3.0%, respectively, dragged down the overall December index. Output of auto products was up 0.6%, posting first growth in two months.
Manufacturers surveyed by the Ministry of Economy, Trade and Industry (METI) expect output to remain flat in January and increase 4.1% in February, the data also showed, although the official poll tends to report an optimistic outlook.
Compared with the previous quarter, factory output fell 3.1% in October-December, the first drop in two quarters.
Japan's economy, after a surprise contraction in July-September, is expected to have expanded by an 3.0% annualised growth in October-December thanks to solid consumption, according to the latest Reuters poll. read more
Our Standards: The Thomson Reuters Trust Principles.
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January 31, 2023 at 07:13AM
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Japan Dec factory output inches down, retail sales beat forecasts - Reuters
"Factory" - Google News
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