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Economy in Brief

So Far, So Good: Japan Service Sector Advance Again
by Robert Brusca October 19, 2009

Japan’s Tertiary index (service sector index) rose in August for the third month in a row. The chart above puts these increases in perspective. While a nice, stable uptrend is emerging, the pace of the rise is relatively moderate; yet the level of the index is well short of the past cycle peak.

The mining/MFG index fell extremely sharply in the depth of the recession and while it has had a very sharp bounce back, it is too soon to tell if the bounce-back will be complete. At a level of 83.9 the mining/MFG index is up sharply from its low of 69.5 but is still ‘light-years’ away from the past peak at 110.1.

The rebound in the various sector indices is a good sign for Japan’s beleaguered economy. Even so these bounces have a long way to go to restore Japan to its precession levels of activity.

Up to date Japan Industry Survey
Recent Months Moving Averages Extremes; Range
  Aug-2009 Jul-2009 Jun-2009 3-Mo 6-Mo 12-Mo Max Min %-Tile
Mining and MFG 83.9 82.6 80.9 82.5 78.7 83.4 110.1 69.5 35.5%
Tertiary 97.1 96.8 96.1 96.7 96.1 97.8 103.5 89.1 55.6%
Ranges, Max, Min since 1993
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