Japan reported further signs of weakness in its economy in June, with industrial output and consumer spending falling from the year before. Household spending fell 2.2 percent from a year earlier, while industrial output slipped 1.9 percent on an annual basis. Earlier this week Prime Minister Shinzo Abe announced plans to propose 28 trillion yen ($267 billion) in spending initiatives to help support the sagging economic recovery. The Bank of Japan and government have made scant progress toward a 2 percent inflation goal set more than three year ago, partly due to the prolonged slump in crude oil prices. Unemployment fell to 3.1 percent in June from 3.2 percent for the past several months.

Source: ABC News July 29, 2016 03:31 UTC