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Job Market Steady, IP Weaker Than Expected

JAPAN DATA

Japan's unemployment rate ticked down to 2.6% from 2.7% prior, but this was in line with consensus. The job to applicant ration was 1.29, also in line with consensus and unchanged from August.

  • The number of employed ticked modestly higher by 60k. Whilst the data suggests stabilization in labor market trends, in terms of the job to applicant ratio, we saw fairly weak new job offer trends, down -1.8%y/y, while off -5.7% m/m.
  • Other data showed retail sales fell 0.1% m/m (0.2% m/m forecast), while in y/y terms, we rose 5.8%, close to expectations.
  • On the factory side, IP Sep growth was +0.2% m/m, down -4.6% y/y. This was below expectations. Solid production was still evident for capital goods and durable goods. Weakness was evident in terms of non-durable consumer goods.
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