Industrial output in Japan advanced a seasonally adjusted 6.2 percent on month in June, the Ministry of Economy, Trade and Industry said on Friday.
That beat expectations for an increase of 5.0 percent following the downwardly revised 6.5 percent contraction in May (originally -5.9 percent).
On a yearly basis, industrial production spiked 22.6 percent – roughly in line with expectations following the 21.1 percent gain in the previous month.
Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is picking up.
Industries that contributed to the increase included motor vehicles, production machinery and electronic parts. These were offset by declines among transport equipment, ceramics and clay products.
Shipments were up 4.3 percent on month and 18.7 percent on year, while inventories rose 2.3 percent on month and fell 4.8 percent on year. The inventory ratio was down 0.3 percent on month and 21.5 percent on year.
According to the METI’s forecast, industrial production is expected to slip 1.1 percent on month in July and then rise 1.7 percent in August.
Industries expected to contribute to the decline in July include chemicals, electrical machinery and communications equipment. Industries expected to contribute to the increase in August include chemicals and business-oriented machinery.
Also on Friday:
. The jobless rate in Japan came in at a seasonally adjusted 2.9 percent in June, the Ministry of Internal Affairs and Communications said. That was beneath expectations for 3.0 percent, which would have been unchanged from the May reading.
The jobs-to-applicant ratio was 1.13, well above expectations for 1.10 and up from 1.09 in the previous month. The participation rate was 62.4 percent, up from 62.2 percent a month earlier.
. The total value of retail sales in Japan was up a seasonally adjusted 3.1 percent on month in June, the Ministry of Economy, Trade and Industry said.
That beat expectations for an increase of 2.5 percent following the upwardly revised 0.3 percent contraction in May (originally -0.4 percent).
On a yearly basis, retail sales rose 0.1 percent – shy of expectations for an increase of 0.2 percent following the upwardly revised 8.3 percent gain in the previous month (originally 8.2 percent).