Japan’s industrial output rose for a third month in May as companies rebuilt inventories and the economy started to climb out of its deepest postwar recession.
Production climbed 5.9 percent from a month earlier, the Trade Ministry said today in Tokyo, the same pace as April, which was the biggest gain since 1953. Economists surveyed by Bloomberg predicted a 6.9 percent increase, and factories were still producing 29.5 percent less than last year.
One of the largest areas of industrial production in Japan is production of passenger cars, which makes up ~8.5% of the index. This areas showed a HUGE rebound over the last month, up 34% month over month (seasonally adjusted), though still down 40% from the same period last year.