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Japanese factory output slides, outlook even worse
Nov 28, 9:01 AM (ET)
By TOMOKO A. HOSAKA
TOKYO (AP) - Production at Japan's vital manufacturers is sinking fast - and is projected to turn in its worst quarter ever - amid a plunge in global demand that is battering the core of the world's second-largest economy.
The government said Friday that industrial production in October fell a sharp 3.1 percent from the previous month and is expected to decline precipitously in the months ahead. The result follows a 1.1 percent gain in September and undershot market expectations for a 2.5 percent contraction.
"The world economy is a disaster," said Richard Jerram, chief economist at Macquarie Securities in Tokyo. "Exports are in the process of collapsing, and as a result industrial production is falling at unprecedented speed."
The results, along with labor and spending data released separately, underscore the increasingly grim outlook for Japan as it grapples with recession and the perils of depending so heavily on overseas sales of its cars and gadgets.
(AP) Japanese commuters walk out of a railway station during a rush hour Friday morning in Tokyo on Nov....
Full Image
Exports in October marked their biggest decline in seven years, and companies expect conditions to only get worse.
Factory output will likely plummet 6.4 percent in November and fall 2.9 percent in December, according to the Ministry of Economy, Trade and Industry.
At that rate, industrial production is on track for its biggest quarterly fall since the government began compiling the data in 1955, said Masamichi Adachi, senior economist at JP Morgan Securities in Tokyo.
http://apnews.myway.com/article/20081128/D94NVLA80.html
Nov 28, 9:01 AM (ET)
By TOMOKO A. HOSAKA
TOKYO (AP) - Production at Japan's vital manufacturers is sinking fast - and is projected to turn in its worst quarter ever - amid a plunge in global demand that is battering the core of the world's second-largest economy.
The government said Friday that industrial production in October fell a sharp 3.1 percent from the previous month and is expected to decline precipitously in the months ahead. The result follows a 1.1 percent gain in September and undershot market expectations for a 2.5 percent contraction.
"The world economy is a disaster," said Richard Jerram, chief economist at Macquarie Securities in Tokyo. "Exports are in the process of collapsing, and as a result industrial production is falling at unprecedented speed."
The results, along with labor and spending data released separately, underscore the increasingly grim outlook for Japan as it grapples with recession and the perils of depending so heavily on overseas sales of its cars and gadgets.
(AP) Japanese commuters walk out of a railway station during a rush hour Friday morning in Tokyo on Nov....
Full Image
Exports in October marked their biggest decline in seven years, and companies expect conditions to only get worse.
Factory output will likely plummet 6.4 percent in November and fall 2.9 percent in December, according to the Ministry of Economy, Trade and Industry.
At that rate, industrial production is on track for its biggest quarterly fall since the government began compiling the data in 1955, said Masamichi Adachi, senior economist at JP Morgan Securities in Tokyo.
http://apnews.myway.com/article/20081128/D94NVLA80.html
