Japan’s factory output grew at the fastest pace in its history as easing supply problems helped boost car production from the recent slump, raising the prospect of a strong recovery in the fourth quarter.
But while improved manufacturing conditions provide some relief for policymakers, persistent global supply shortages and new risks from Omicron are expected to overshadow the prospects for the world’s third-largest economy.
Factory output rose 7.2% in November from the previous month, the biggest increase since 2013, when the first comparable data became available, thanks to increased production of motor vehicles and plastic products.
This means that production increased for the second consecutive month after 1.8% in October, and recorded a faster growth than the 4.8 ^ expected.
“Production has returned to the level it was before because car production has recovered,” say economists.
The data showed that the production of cars and other motor vehicles increased by 43.1% compared to the previous month in November, which is also a record, while the production of plastics increased by 9.5%.
A separate announcement also said that unemployment rose to 2.8% from 2.7% in the previous month, while the job availability index remained at 1.15, unchanged from October.
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Source From: Capital
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