Despite weak indicators for private consumption, the economy continues to recover thanks to brisk business activity and capital investment, the Cabinet Office said Monday in its monthly economic report for January.

The report, which describes the state of the economy as of January, confirmed the economy has grown for 60 months straight. The current expansion has already surpassed the previous postwar record of 57 months set in July 1970.

"Private consumption remains flat because consumer confidence remains unchanged and the growth of household income is slower," the report says.