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Economy in Brief

Economy Watchers to Very Deep Depths…
by Robert Brusca February 8, 2008

Japan’s Economy watchers Index and the Teikoku Indices show the weakest economic readings in five years. The economy watchers indices are down to values of around 30 to 36. And while they are the weakest we have seen in 5 years they are also approaching some of their weakest readings ever. The future index is particularly grim. While the OECD format (though Dec) shows the Japan trend restored LEIs as having turned the corner and headed up, the economy watchers indices show the economy still looking for a bottom. The Teikoku readings agree with the economy watchers indices and see weakness right across the board that was bad in December and got worse in January.

Key Japanese surveys
  Raw readings of each survey Percent of 5Yr range*
Diffusion Jan-08 Dec-07 Nov-07 Oct-07 Jan-08 Dec-07 Nov-07
Economy Watchers 31.8 36.6 38.8 41.5 0.0% 5.0% 15.1%
Employment 34.1 37.5 41.9 43.8 0.0% 0.0% 14.7%
Future 35.8 37.0 38.8 43.1 0.0% 1.5% 10.6%
NTC MFG 52.4 52.3 50.8 49.5 47.4% 47.3% 30.2%
Econ Trends (Teikoku'/50 neutral/weighted diffusion)
Manufacturing 37.9 40.8 41.7 42.4 0.0% 0.0% 9.7%
Retail 31.3 34.2 34.4 37.2 0.0% 0.0% 0.0%
Wholesale 34.5 37.0 38.3 39.1 0.0% 0.0% 0.0%
Services 40.4 43.5 45.0 45.6 0.0% 20.1% 36.4%
Construction 28.9 32.0 32.6 34.7 0.0% 16.4% 22.8%
100 is high; Zero is low
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