News Tech: TOKYO, Aug 26 (Reuters) – Japanese factories likely cut back output in July after the prior month’s near double-digit surge, a Reuters poll showed on Friday, as manufacturers struggled to shake off the drag from supply disruptions and a high-tech chip shortage.
Output had surged 9.2% in June after China eased COVID-19 curbs and the major Chinese city of Shanghai came out of a pandemic lockdown at the beginning of that month.
Industrial production in the world’s third-largest economy likely slipped 0.5% in July from the previous month, according to the median forecast of 18 economists in the poll.
Japan’s economy rebounded at a slower-than-expected pace in the second quarter from a COVID-induced slump, data showed this month, while growing fears of a global slowdown are clouding the outlook for the trade-reliant nation.
METI will release the factory output and retail sales data at 8:50 a.m. on Aug. 31 (2350 GMT Aug. 30).
Job availability and the jobless rate were expected to hold steady from the previous month in July, coming in at 1.27 and 2.6%, respectively. The government will release jobs data at 8:30 a.m. on Aug. 30 (2330 GMT Aug. 29)
RegisterReporting by Daniel Leussink; Editing by Jacqueline Wong Source: Reuters Trust Principles.