Retail sales dropped by -0.8%, significantly below the anticipated -0.1%.

Core retail sales also saw a notable decline of -0.4%, falling short of expectations.

Initial jobless claims decreased by 8,000 to 212,000, marking the first decline.

Continuing claims, however, increased by 30,000 to 1.895 million, reaching their second highest level since November 2021.

Capacity utilization, specifically in industrial production, decreased by 0.1%, highlighting ongoing manufacturing weakness.

Japan’s Q4 GDP figures remained negative for the second consecutive quarter, echoing similar economic struggles in Europe.

Despite reports of tech layoffs dominating headlines, last year actually saw more significant job cuts in the sector.