Japan’s factory, retail sectors slump as virus hits auto sector – Gulf Today

Japan’s factory, retail sectors slump as virus hits auto sector – Gulf Today

Japan's factory output slid faster-than-expected and retail sales tumbled the most in more than two decades in April, as the coronavirus pandemic wrecked both foreign and domestic demand for the country's autos and other manufactured goods.. Official data on Friday showed factory output slipped 9.1% in April from the previous month, the biggest drop since comparable data became available in 2013 as automakers and iron and steel manufacturers suffered sharp declines.. The April jobless rate rose to 2.6%, its highest since 2017, although well-off the rates in other developed nations, where unemployment is approaching depression-era levels.. But economists say the small rise in the official unemployment rate masks the full extent of the pain.. Analysts fear rises in the jobless rate could put the brakes on personal consumption in Japan and delay a recovery of the world's third-largest economy, which already slipped into recession in the first quarter..