EWJV - Japanese Industrial Production Strengthens As Retail Sales Disappoint
2024-04-30 15:40:00 ET
Summary
- March activity data was a mixed bag in Japan.
- Weak manufacturing weighed on growth in the first quarter of the year.
- We think that consumption is likely to improve on the back of a healthy labour market.
By Min Joo Kang
Despite a rebound for IP, manufacturing output contracted in the first quarter
Industrial production saw stronger-than-expected gains at 3.8% month-on-month seasonally adjusted in March (vs 3.3% market consensus). Even so, this isn't enough to fully offset the declines of the previous two months (-0.6% in February, -6.7% in January). The comparison contracted -5.3% three-month on three-month sa in March (vs 1.1% in December), and weak manufacturing activity could have had a negative impact on first quarter GDP....
Japanese Industrial Production Strengthens As Retail Sales Disappoint