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TOKYO — Japan’s government described its economy as “moderately picking up” in its monthly economic report, keeping the overall assessment unchanged from the previous month, while noting an upward revision to factory output.
While sounding cautiously optimistic on the world’s No. 3 economy, the government flagged risks of a global downturn amid overseas trend of monetary tightening and rising inflation while households face slower wage growth.
“The economy is picking up moderately,” the Cabinet Office, which compiled the report, said, “It is expected to pick up ahead as we stand ready to take all possible steps to prevent infections as socioeconomic activity normalizes,” referring to coronavirus cases.
The report was approved by Prime Minister Fumio Kishida’s cabinet ministers on Thursday.
The government upgraded its view on factory output for August as production bounced back from declines seen in April and May as China’s anti-coronavirus lockdowns eased.
Factory output showed signs of picking up, the report said, compared with July when production appeared to be stalling. It marked the first upgrade in seven months.
The assessments of other major components of the economy saw no change from the previous month.
Private consumption, which accounts for more than half of Japan’s economy, was picking up moderately, the report said, noting the resumption of activity among consumers who are “living with coronavirus” after the lifting of COVID-19 curbs.
“Downward deviation in world economy stemming from global monetary tightening is emerging as risks that weigh on Japan’s economy,” the report said.
“Attention needs to be fully paid to supply constraints and a price-hike impact on households and corporations.”
Japan’s economy rebounded at an annualized 2.2% in April-June from COVID-19-induced doldrums.
Still, the pace of growth undershot economists’ median estimates, raising doubts about strength of private consumption and expectations for pent-up demand known as revenge spending. (Reporting by Tetsushi Kajimoto Editing by Tomasz Janowski)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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