Japan September factory output, retail sales rise; jobless rate falls to 2.6%

On a yearly basis, industrial output fell by 4.6% in September, coming after a 4.4% drop in August and marking the third straight month of decline.

Furthermore, Retail sales in Japan rose 5.8% year-on-year in September 2023, slowing from a 7% increase seen both in July and August and roughly in line forecasts for a 5.9% gain.

The data marked 19th consecutive month of expansion in retail sales as consumption continued to recover from the pandemic-induced slump.

On a monthly basis, retail sales declined by 0.1% in September, reversing from an upwardly revised 0.2% gain in August.

In a separate release, Japan’s unemployment rate fell to 2.6% in September 2023 from 2.7% in August, in line with expectations. The jobs-to-applicant ratio for September remained steady at 1.29, signifying that there were 129 job opportunities available for every 100 job seekers.