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Japan industrial output up 5.9 percent in May
The Associated Press , Tokyo | Mon, 06/29/2009 7:45 AM | Business
Japan's factory output rose for the third straight month in May, the government said Monday, as brighter prospects for a recovery in demand encouraged manufacturers in the world's No. 2 economy.
Industrial production increased 5.9 percent from a month earlier and is showing signs of "upward movement," according to the Ministry of Economy, Trade and Industry. Strong gains among companies making transport equipment, electronic parts and steel products contributed to the results.
The reading, however, was less than the 6.7 percent growth forecast in a Kyodo news agency market survey.
The government predicts output will rise 3.1 percent in June and 0.9 percent in July.
Inventory in May fell 0.6 percent from the previous month in the fifth straight month of decline, while shipments rose 4.5 percent.
The results add to signs that Japanese companies are coming back to life after an unprecedented plunge in global demand dragged the country into its steepest recession since World War II.
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