Japan's industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis and the jobless rate hit a three-year high, underscoring the broad economic pain caused by the coronavirus.
TOKYO - Japan’s industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis and the jobless rate hit a three-year high, underscoring the broad economic pain caused by the coronavirus.
Ministry of Economy, Trade and Industry data out on Tuesday showed that factory output fell 8.4% month-on-month in May to 79.1, a level not seen since March 2009 when the financial crisis sapped global demand. The deterioration in economic conditions has triggered an increase in the jobless rate and a fall in the number of available jobs, while stoking fears of bankruptcies.
The coronavirus fallout has pushed 290 firms into bankruptcy since the end of February, with many service-sector firms like restaurants, hotels and inns and apparel suffering the most, data from private credit research firm Teikoku Databank showed.The decline in factory output followed a 9.8% drop in the prior month, and was much bigger than the median market forecast of a 5.6% drop in a Reuters poll of economists, the data showed.
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