Japan records growth in factory output, job availability
Japan’s factory output expanded in June, while job availability climbed to the highest level in nearly a year. The developments were attributed to a boost in overseas demand that drove the country’s strong consumption.
Industrial output rebounded 6.2% in June after a decline of 6.5% in May. It reached pre-pandemic levels and achieved the highest growth since July last year.
A 22.6% surge in auto production greatly contributed to the factory output’s growth that exceeded a 5.0% forecast.
Meanwhile, job availability jumped to 1.13 from 1.09 in May. It exceeded market estimates of 1.10 and marked the highest level since May last year. The jobless rate dropped to 2.9% from 3.0% in May.
Despite the latest signs of progress, policymakers have lost their hopes for a strong economic rebound in July to September over concerns on surging COVID-19 infections and the arising global chip shortage.
The government plans to implement stricter pandemic restrictions in more parts of the country until August 31.