— Japan Aug Tertiary Index -0.2% M/M Vs July Revised -0.3%
— Japan Aug Tertiary Index MNI Median Forecast: -0.3%
— Japan Aug Tertiary Index +0.2% Y/Y Vs July Revised -0.3%
TOKYO (MNI) – Japan’s tertiary industry index, which measures
spending in the services sector, fell 0.2% on month in August, posting
the second consecutive drop on sluggish retail sales, data from the
Ministry of Economy, Trade and Industry showed Thursday.
The August figure is slightly better than the median forecast for
-0.3% by economists polled by Market News International.
The seasonally adjusted index fell to 98.1 in August, following a
revised 0.3% drop in July (preliminary -0.1%). The level remained below
99.3 seen in February before the March earthquake disaster.
The sub-index for retailers fell 2.8% m/m, posting the largest drop
since -7.6% in March, when the quake and tsunami hit northeastern Japan.
Domestic sales of audio and visual electronic appliances fell
sharply on year in August, posting the first y/y drop in three months.
Many consumers rushed to buy digital TVs before July 24, when Japan
terminated analogue broadcasting services.
The tertiary index hit a record low level of 93.4 in March 2011.
From a year earlier, the unadjusted index rose 0.2% on year to 97.7
in August, marking the first gain in two months, following a revised
0.3% fall in July.
The service sector employs more than half of Japan’s workforce, and
spending on services such as retailing, dining and travel is closely
tied to changes in income and consumer confidence.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4835 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
