Japan's tertiary industry activity up, core machine orders surged
Staff Writer |
Japan's tertiary industry activity recovered in July, data from the Ministry of Economy, Trade and Industry showed Monday.
Article continues below
The tertiary industry activity index gained 0.1% month-on-month in July, reversing a 0.2% drop in June and flat growth in May. The monthly rate came in line with expectations.
Broad-ranging personal services climbed 0.5%, while broad ranging business services showed nil growth in July.
On a yearly basis, the growth in tertiary activity stabilized at 1% in July.
Core machine orders in Japan surged a seasonally adjusted 8.0% on month in July, the Cabinet Office said on Monday - standing at 853.3 billion yen.
That beat forecasts for an increase of 4.1% following the 1.9% decline in June.
On a yearly basis, core machine orders tumbled 7.5% - again beating expectations for a decline of 7.8% following the 5.2% decline in the previous month.
The total value of machine orders, which includes volatile ones for ships and electric power companies, added 4.9% on month and 10.2% on year to 2,382.2 billion yen.
Manufacturing orders gained 2.9% on month and fell 1.8% on year to 355.7 billion yen, while non-manufacturing orders added 4.8% on month and lost 12.3% on year to 472.3 billion yen.
Government orders shed 3.3% on month and 1.6% on year to 267.8 billion yen. Orders from overseas gained 9.1% on month and 30.1% on year to 995.9 billion yen. Orders from agencies eased 0.6% on month and gained 8.2% on year to 126.7 billion yen.
For the third quarter of 2017, core machine orders are forecast to have advanced 7.0% on quarter and 0.1% on year.
Also on Monday, the Bank of Japan said that the M2 money stock in Japan was up 4.0% on year in August, coming in at 978.0 trillion yen.
That was unchanged from the July reading, although it was shy of estimates for a gain of 4.1%.
The M3 money stock gained 3.4% on year to 1,305.0 trillion yen - unchanged and in line with forecasts.
The L money stock jumped an annual 3.7% to 1,710.0 trillion yen, following the 3.5% gain in the previous month. ■
New York Governor Kathy Hochul announced that AgriAmerica Fruit Products has completed the revitalization and upgrade of a 69,000-square-foot grape juice processing facility located at 200 Water Street in the Village of Fredonia.