The situation for the nation's economy is "improving" said Japan's Cabinet Office in a report released on Thursday, despite revising downward Japan's composite index of coincident economic indicators for December, from a preliminary estimate released earlier this month.
The composite index of coincident economic indicators which revealed a preliminary expansion of 1.6 points to 97.6 against a 2005 base average of 100, currently stands at 97.4.
Despite the 0.2 retraction in December the index has still gained 1.4 points from November, marking the ninth straight month of growth on improvements in labor and industrial production-related readings.
The index of leading indicators, which predicts conditions over the next several months, was revised upward from 94.0 to 94.3, up 3.3 points from the previous month.
The index of lagging indicators reflecting conditions in the recent past was reduced from a preliminary reading of 84.3 to 83.7, but was still up 0.7 point from November's reading
While the revised composite index of coincident economic indicators reveal that industrial activity is picking up and demand for Japanese exports is increasing, the increase in consumer spending in December is of particular importance as this spending accounts for 60 percent of Japan's overall economy.-PNA
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