Japan economy contracts 3.6% in 3Q on weaker spending, trade

TOKYO (AP) — Japan has downgraded its growth estimate for the last quarter, saying weaker consumer spending and trade resulted in a 3.6% contraction. The government’s revised estimate Tuesday compared with an earlier estimate of minus 3.0% growth. The world’s third-largest economy has been mired in recession and struggling to recover from the impact of waves of coronavirus infections. The latest outbreak, in the late summer, has receded for now with a sharp drop in cases. But it hit during the usually busy summer travel season, with calls for restricted business activity and travel hurting restaurants, hotels and other service sector industries.