Wednesday, October 30, 2013
DJ: Sept Industrial Output Up 1.5% On Month
TOKYO--Japanese industrial production rose 1.5% on month in September on the back of firm demand from domestic consumers, the Ministry of Economy, Trade and Industry said Wednesday.
The rise was slightly smaller than expected by economists surveyed by The Wall Street Journal and the Nikkei, who estimated on average the industrial production increased 1.8% from the prior month after adjustment for seasonal factors. It also comes after a 0.9% revised decline in August.
Economists say Japan's economic recovery has been led by a pick-up in household spending and demand from domestic companies. Weak growth in export volumes, however, has kept companies from expanding output further, they say.
The biggest contributors to the rise were an increase in output of transportation equipment, information and communications electronics, and electronic parts and devices.
A survey included in the data showed that firms expect production to rise 4.7% in October on month and then decrease 1.2% in November.
METI upgraded its assessment of the indicator for the first time since March, saying industrial production is "picking up," from "gradually picking up" in the previous assessment a month ago.