Japan's factory output slid faster-than-expected and retail sales tumbled the most in more than two decades in April, as the coronavirus pandemic wrecked both foreign and domestic demand for the country's autos and other manufactured goods.
TOKYO - Japan’s factory output slid faster-than-expected and retail sales tumbled the most in more than two decades in April, as the coronavirus pandemic wrecked both foreign and domestic demand for the country’s autos and other manufactured goods.
Official data on Friday showed factory output slipped 9.1% in April from the previous month, the biggest drop since comparable data became available in 2013 as automakers and iron and steel manufacturers suffered sharp declines.“Output will probably pick up from June onwards but it will be necessary to remain on guard for a second wave ,” said Takeshi Minami, chief economist at Norinchukin Research Institute.Automaker production fell by a third from the previous month.
Separate data showed retail sales tumbled at their fastest pace since March 1998 as the nationwide state of emergency led service-sector businesses such as restaurants to close. The government this week lifted the state of emergency and approved a second $1.1 trillion stimulus package, bringing the total pledged to save the economy from the pandemic to $2.2 trillion.Japan was already trying to shake off weak demand before the outbreak after the government raised the nationwide sales tax to repair its public debt burden.
The April jobless rate rose to 2.6%, its highest since December 2017, although still well-off the rates seen in other developed nations, where unemployment is approaching depression-era levels.
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