TOKYO (AFX-ASIA) - The Cabinet Office will state in its May monthly report that the economy is "weakening," in line with last month's economic assessment, the Nihon Keizai Shimbun reported, without citing sources. The Office will warn of continued sluggish activity in the private sector, pointing out in the May report, which is due out on Friday, that "as production shrinks, inventories swell", the report said.