Tuesday, 26 April 2011

Japanese auto production plunges in March, US new home sales rise

Monday brought confirmation that Japanese auto production plunged in March. AFP/CNA reports:

Japan's leading automakers Toyota, Nissan and Honda said on Monday that domestic production plummeted in March after the massive quake and tsunami, which damaged parts suppliers and nuclear power plants.

Toyota, the world's biggest auto maker, said production in Japan plunged 62.7 per cent year on year in March.

In another hard-hit industry, US new homes sales rebounded a little in March from a near-record low. Reuters reports:

Sales of new U.S. homes rose in March and the number of new properties on the market was its lowest since the 1960s, but further gains will be hampered by the broader property glut.

Single-family home sales rose 11.1 percent to a seasonally adjusted annual rate of 300,000, the Commerce Department said on Monday, up from a near record low pace of 270,000 in February when harsh winter weather hit the economy...

A separate report on Monday showed manufacturing activity in the Texas area slowed in April. Reports on regional factory activity so far have been too mixed to give a clear new picture of the sector, which took a breather in March.

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