Japan's Production, Consumer Spending Decline

Japan's consumer spending and industrial production weakened in May, signaling a slowdown in the world's second-largest economy, reports Bloomberg.


Citing the statistics bureau in Tokyo, Bloomberg notes that household spending retreated 0.7 percent from May 2009, and factory output dipped 0.1 percent from April.


Bloomberg adds that the jobless rate surged, reaching 5.2% in May, the highest level since December.


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