Global| Dec 11 2007Economy Watchers Index Drops Sharply in Japan
Summary
Japan’s economy watchers index is very weak. The future index is in the bottom 10 percent of its five year range. The current index and the employment reading are in about the bottom 15th percentile of their respective ranges. The [...]
Japan’s economy watchers index is very weak. The future index
is in the bottom 10 percent of its five year range. The current index
and the employment reading are in about the bottom 15th percentile of
their respective ranges. The Teikoku weighted indexes are weak in their
respective ranges for the entire spectrum of indexes but retailing and
wholesaling are on new five-year lows. MFG is in the bottom 10% of its
range. The Japanese readings are in accordance with the OECD LEI for
Japan from last week that showed conditions worsening sharply.
| Key Japanese Surveys | ||||||||
|---|---|---|---|---|---|---|---|---|
| Raw readings of each survey | Percent of 5Yr range* | |||||||
| Nov-07 | Oct-07 | Sep-07 | Aug-07 | Nov-07 | Oct-07 | Sep-07 | ||
| Diffusion | ||||||||
| Economy Watchers | 38.8 | 41.5 | 42.9 | 44.1 | 15.1% | 27.5% | 33.9% | |
| Employment | 41.9 | 43.8 | 48.8 | 48.3 | 14.7% | 21.5% | 39.4% | |
| Future | 38.8 | 43.1 | 46.0 | 46.5 | 10.6% | 32.2% | 46.7% | |
| NTC MFG | 50.8 | 49.5 | 49.8 | 49.6 | 30.2% | 15.5% | 18.7% | |
| Economy Trends (Teikoku'/50 neutral/weighted diffusion) | ||||||||
| MFG | 41.7 | 42.4 | 43.8 | 44.2 | 9.7% | 18.9% | 44.7% | |
| Retail | 34.4 | 37.2 | 37.7 | 38.3 | 0.0% | 17.1% | 22.5% | |
| Wholesale | 38.3 | 39.1 | 40.2 | 41.2 | 0.0% | 6.3% | 30.2% | |
| Services | 45.0 | 45.6 | 46.6 | 47.3 | 36.4% | 42.7% | 56.2% | |
| Construction | 32.6 | 34.7 | 36.8 | 36.3 | 22.8% | 43.8% | 68.9% | |
| 100 is high; Zero is low | ||||||||
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
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