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The government on Thursday kept its upbeat overall assessment of the economy unchanged from the previous month, and even upgraded its view on capital investment and housing construction.

“The economy is recovering at a moderate pace with the corporate sector as well as the household sector improving,” the Cabinet Office said in its monthly report for September, echoing the phrase that appeared in the August report.

On Aug. 9 — the day the August report was released — the government and the Bank of Japan declared that the world’s second-largest economy had emerged from a soft patch stemming from inventory adjustment in the information technology sector.

In the September report, the office said business investment was “improving,” dropping the word “moderately,” which was used in the previous month’s report.

This represents the first upward revision of capital investment since September 2003.

The Cabinet Office also raised its assessment of housing construction from “almost flat” to “increasing recently.”

The office said corporate profits are improving and personal spending is increasing moderately.

“The employment situation is also improving on a broader basis, though some severe aspects remain,” it said.

According to the report, exports are “picking up” and imports are “gradually increasing,” while industrial production is “leveling off.”

“A pickup in exports to China in general machineries mainly contributed to a recovery of overall exports,” an official at the Cabinet Office said.

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