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Policy Research Institute

 

Business Outlook Survey 

(July-September 2016)

 Sep. 13, 2016

1. Business conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Apr.-Jun.
2016
(previous)

 Jul.-Sep.
2016
(present)

 Oct.-Dec.
2016
(outlook)

 Jan.-Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -7.9 1.9 4.9 5.0
 Manufacturing -11.1 2.9 8.6 5.3
 Non-manufacturing -6.3 1.4 3.0 4.8
Corporations with capital of 100 million to 1 billion yen
  All industries -7.0 0.9 4.6 3.2
 Manufacturing -6.6 0.0 8.0 1.9
 Non-manufacturing -7.1 1.2 3.6 3.6
Corporations with capital of 10 to 100 million yen
  All industries -16.9 -15.0 -3.9 -8.0
 Manufacturing -15.3 -16.0 -4.8 -7.4
 Non-manufacturing -17.2 -14.8 -3.7 -8.2

 

2. Domestic economic conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Apr.-Jun.
2016
(previous)

 Jul.-Sep.
2016
(present)

 Oct.-Dec.
2016
(outlook)

 Jan.-Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -9.5 -0.9 2.2 3.0
 Manufacturing -11.0 -0.4 3.3 2.7
 Non-manufacturing -8.7 -1.1 1.7 3.2
Corporations with capital of 100 million to 1 billion yen
  All industries -13.3 -4.9 0.1 -0.6
 Manufacturing -12.9 -5.1 2.5 0.9
 Non-manufacturing -13.4 -4.8 -0.6 -1.1
Corporations with capital of 10 to 100 million yen
  All industries -23.9 -20.1 -10.8 -10.7
 Manufacturing -26.0 -25.2 -13.7 -10.7
 Non-manufacturing -23.5 -19.1 -10.2 -10.7

 

3. Employment

Business survey index
(Difference of "insufficient"-"excessive" )

(%points)

 

End of Jun.
2016
(previous)

End of Sep.
2016
(present)

End of Dec.
2016
(outlook)

End of Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 11.6 12.6 11.3 10.8
 Manufacturing 4.6 5.1 4.2 3.6
 Non-manufacturing 15.2 16.5 14.9 14.5
Corporations with capital of 100 million to 1 billion yen
  All industries 24.3 24.9 21.8 19.4
 Manufacturing 13.3 18.6 16.6 12.7
 Non-manufacturing 27.6 26.9 23.4 21.4
Corporations with capital of 10 to 100 million yen
  All industries 19.1 20.0 18.1 15.2
 Manufacturing 16.9 14.8 13.7 9.6
 Non-manufacturing 19.6 21.0 19.0 16.3

 

4. Sales (compared with the previous year)

(%)

 

  FY 2016

  1st half

   FY 2016

  2nd half

   FY 2016

All industries -0.8 -2.2 0.7
 Manufacturing -0.3 -2.6 2.0
 Non-manufacturing -0.9 -2.1 0.2

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2016

  1st half

   FY 2016

  2nd half

   FY 2016

All industries -6.8 -12.8 -0.6
 Manufacturing -12.5 -22.2 -1.5
 Non-manufacturing -4.2 -8.2 -0.2

          

   

6. Software and investment in plant and equipment (compared with the previous year)

(%)

 

  FY 2016

  1st half

   FY 2016

  2nd half

   FY 2016

All industries 4.9 7.0 3.2
 Manufacturing 7.3 9.9 5.1
 Non-manufacturing 3.5 5.3 2.0
     Note:  Excludes expense purchasing land.