|Month over Month||0.2%||0.3%||1.0%|
|Year over Year||0.5%||0.6%||0.3%|
Japan's All Industry Index rose by 0.3 percent in July to 103.2, after an increase of 1.0 percent in June. This was slightly stronger than the consensus forecast for an increase of 0.2 percent. The index remains close to levels that have prevailed over the last twelve months and is up just 0.6 percent on a year ago, consistent with other data showing weak growth in the Japanese economy.
The increase in the headline index in July was primarily driven by the construction activity index, up 2.0 percent on the month. The index of tertiary industry activity also rose 0.3 percent in July, partly offset by a fall of 0.4 percent in the industrial production index.
The All Industry Index takes a reading of activity in the tertiary index combined with activity in the construction, agricultural and fisheries industries, the public sector and industrial output. This index is considered a close approximation for gross domestic product growth as measured by industrial and service sector output.
The all industry index evaluates the monthly change in overall production by all sectors of the Japanese economy. The index includes the tertiary index which is released a few days before the all industry plus the construction, agricultural and fisheries industries, the public sector and industrial output. The index closely follows Japanese GDP and overall growth figures, providing insight into current levels of Japanese economic expansion.
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