Economic recovery on hold / Govt lowers outlook on weak production, personal spending
News On Japan via Yomiuri -- Sep 15
The government cut its general economic outlook for the second consecutive month in a monthly economic report released Friday, due chiefly to weak personal consumption and industrial production.
"The economic recovery appears to be pausing due to deceleration of the world economy," it said in the September report.
The government lowered its economic view for two or more consecutive months for the first time since February 2009, when it issued a fifth consecutive downward revision amid the global financial crisis.
The previous report in August said, "The economy is on the way to recovery at a moderate pace, due partly to reconstruction demand" following the March 2011 disaster, while noting "there has been a recent weakening."
"Because of weak production and personal spending, as well as the slowdown of the global economy, the economic recovery is at a standstill," a Cabinet Office official said at a press conference.
The government revised down its outlook on personal spending for the second straight month, saying that "private consumption is almost flat while there has been some decline as of late." This included a fall in new vehicle sales in August from the previous month.
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(Jiji Press )