Bloomberg
Published Jun 30, 2020 10:07
Updated Jun 30, 2020 10:18
(Bloomberg) -- Japan’s industrial production dropped again in May even as a nationwide state of emergency was lifted, showing the severity of the pandemic’s impact on the export-reliant manufacturing sector.
Factory output fell 8.4% from April, the economy ministry reported Tuesday. Production slid from the prior month for a fourth time in a row, something that hasn’t happened since 2012. The result was worse than any of the forecasts from 28 analysts. The median projection was for a 5.9% decline.
A separate report showed the unemployment rate rose to the highest level in three years.
Key Insights
What Bloomberg’s Economist Says
“Looking ahead, we see a pickup in production in June, with a gradual recovery continuing in 3Q, buoyed by the re-opening of economies in the U.S. and Europe.”
--The Asia economist team
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(Adds data on labor market.)
©2020 Bloomberg L.P.
Written By: Bloomberg
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