Japan industrial production dropped sharply by -3.6% mom in June, much worst than expectation of -1.8% mom. That’s also the largest decline since January 2018. Shipments dropped -3.3% mom while inventories rose 0.3% mom.
A Ministry of Economy, Trade and Industry said in the press briefing that the decline was a reversal of the unexpectedly strong production in the preceding months.” He added, “we don’t believe there is a downward trend, though there isn’t an upward trend either”. Production just “fluctuates indecisively”.
Also from Japan, unemployment rate improved to 2.3% in June, down from 2.4%. Number of people in work hit record 67.5m. Ministry of Internal Affairs and Communications said “the jobless rate has been firm and moving narrowly at that level”.
