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Economy in Brief

Economy Watchers Index Drops Sharply
by Robert Brusca January 13, 2009

Japan’s economy watcher’s index falls sharply in December. It is at its weakest point in five years and longer. The employment component is very weak as is the future index. The future index is barley higher than the very weak current index.

Economic trends in the Teikoku survey are similarly weak across sectors. Both surveys show another sharp drop off in December compared to an already very weak November. These surveys echo the measure from the OECD Leading indicators just released yesterday (for November) that Japan’s slowdown is becoming more pronounced.

Key Japanese Surveys
  Raw readings of each survey Percent of 5Yr range*
  Dec-08 Nov-08 Oct-08 Sep-08 Dec-08 Nov-08 Oct-08
Diffusion - - - - - - -
Economy Watchers 15.9 21.0 22.6 28.0 0.0% 0.0% 0.0%
  Employment 8.5 15.7 19.6 25.9 0.0% 0.0% 0.0%
  Future 17.6 24.7 25.2 32.1 0.0% 0.0% 0.0%
Econ Trends (Teikoku'/50 neutral/weighted diffusion)
  MFG 19.3 24.5 27.4 30.9 0.0% 0.0% 0.0%
  Retail 21.3 24.4 25.2 27.8 0.0% 0.0% 0.0%
  Wholesale 20.4 24.7 26.4 29.1 0.0% 0.0% 0.0%
  Services 24.1 28.4 29.9 32.4 0.0% 0.0% 0.0%
  Construction 19.1 21.4 22.5 24.3 0.0% 0.0% 0.0%
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