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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan boosts output but unemployment up AFP - Saturday, May 30 TOKYO (AFP) - - A sharp rise in Japan's industrial output is boosting hopes of a recovery in the world's second-biggest economy even as government figures Friday showed unemployment had reached a five-year high. ADVERTISEMENT While many companies are starting to bet on an economic upswing, Japan's worst post-war recession is still impacting the economy through job losses and falling prices, the data show. Factory output in April rose 5.2 percent from March, the fastest monthly jump in more than half a century and far above market expectations for an increase of around 3.3 percent, the trade ministry said. Industrial production was still down 31.2 percent year-on-year as the global slump continued to hit the export-driven economy, but the numbers showed production of electronic parts and chemicals was picking up. The second monthly increase in a row suggested companies have run down stockpiles and will keep ramping up production. Manufacturers forecast output would rise 8.8 percent in May and 2.7 percent in June. "This part of the data is very positive," said Shinko Research Institute economist Norio Miyagawa, saying the data indicates that "output will likely remain firm this year." Naoki Murakami, Monex Securities' chief economist, said in a report that "it is possible that the production index will bounce back to late-2008 levels by the summer in a nearly V-shaped recovery." The figures raised expectations Japan's economy could start to grow again in the second quarter after shrinking 4.0 percent quarter on quarter in the three months to end-March. Hideyuki Araki, economist at Resona Research Institute, said: "Once factory production picks up, related services such as distribution will pick up. This could lead to a better labour market." But Araki also sounded a note of caution, stressing that "unemployment kept worsening... because it's a lagging economic indicator. There are concerns that continued worsening could dampen consumer spending." New figures Friday showed that unemployment rose to 5.0 percent in April from 4.8 percent in March, the highest rate since November 2003. "I'm quite disappointed that the job situation has deteriorated sharply," said Finance Minister Kaoru Yosano. "But we have to accept it as reality and we need to monitor price and job conditions very carefully." Separate data showed there were only 46 job offers for every 100 job seekers, matching the worst ever figure in June 1999. Average monthly household spending dropped 1.3 percent in real terms in April from a year earlier, falling for the 14th month in a row. The trend dampens hopes for a quick recovery, analysts say, because private consumption makes up nearly 60 percent of Japan's economy, and because falling demand drives down prices and triggers deflation. Core consumer prices fell 0.1 percent in April from a year earlier after a 0.1-percent drop in March, the first fall in 18 months. Japan was stuck in a deflationary spiral for years after its economic bubble burst in the early 1990s, eroding corporate earnings and encouraging consumers to delay their spending in the hope that prices would fall further. In an effort to boost the economy, the government of Prime Minister Taro Aso pushed through parliament on Friday a record 13.9-trillion-yen (147-billion-dollar) supplementary budget for fiscal 2009. The stimulus spending includes money for renewable energy development, unemployment support and new spending on medical and nursing care. The government passed the bill despite its rejection in the opposition-controlled upper house. Japan's constitution allows the lower house to override the upper house in budget matters. Aso, who faces elections this year, has said the stimulus package will help boost Japan's economy by about two percent this year. -- Dow Jones Newswires contributed to this report -- Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy China, Taiwan sign deals worth $5.6 bln: reportAFP - 2 hours 58 minutes ago US STOCKS-Higher oil price, mixed data slow Wall StreetReuters - Saturday, May 30 No guarantee of Opel deal on Fri-German Econ MinReuters - Saturday, May 30 US STOCKS SNAPSHOT-Wall St little changed after dataReuters - Saturday, May 30 Related Articles: Business Reliance Power in talks with Australian miners-paperReuters - Friday, May 29 India's Suzlon agrees on final payment for REpowerReuters - Friday, May 29 NZ dollar sits at highs after budget; bonds gainReuters - Friday, May 29 Vietnam cbank to accept dollar bonds as collateralReuters - Friday, May 29 Indian bond yields cautious before borrowing reviewReuters - Saturday, May 30 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Talent judge defends singing sensation Boyle Vitamin D boosts brain power in middle-aged men Canada's governor eats raw seal heart Ancient eruption 'killed off world's sea life' GM bankruptcy takes shape with US in driver's seat View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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