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Economy in Brief

Japan Industrial Production is Slipping
by Robert Brusca February 28, 2008

Japan’s dip in IP in January is hard to evaluate right now. IP trends are moving lower but the Yr/Yr rate is still steady. The shorter term sequential growth rates, in the table below, show that the recent weakness is an artifact of the 3-month growth rates alone. Six-month growth rates are higher that 12-month rates for Total MFG and total industry. But textiles output, investment goods and minting show erosion between the 6 and 12-month horizons. All sectors and industries see declines in January and all are lower over three months except electricity and gas producers.

Japan Industrial Production Trends
  m/m % Saar % Yr/Yr
  Jan-08 Dec-07 Nov-07 3-mo 6-mo 12-mo Yr-Ago
Mining & Mfg -2.0% 1.4% -1.6% -8.3% 3.2% 2.5% 3.2%
Total Industry -2.3% 1.7% -1.3% -7.6% 3.9% 2.6% 2.6%
Mfg  -1.9% 1.4% -1.6% -8.3% 3.4% 2.5% 3.2%
Textiles -2.3% 2.5% -2.2% -7.7% -7.4% -5.0% -4.2%
Transport -3.2% 2.4% -2.9% -14.2% 31.5% 11.6% 4.6%
Product Group
Consumer Goods -1.5% 2.1% -2.1% -6.1% 13.2% 4.2% -0.8%
Intermediate Goods -2.6% 1.3% -1.1% -9.4% 3.6% 4.3% 3.8%
Investment Goods -0.4% -0.6% -1.9% -11.1% -7.6% -3.4% 5.8%
Mining -2.9% 1.1% -5.9% -27.2% -15.9% -5.1% 3.5%
Electric & Gas -1.4% 0.2% 2.0% 3.2% 15.2% 5.9% -2.8%
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