— Japan Nov Spending -3.2% Y/Y; Oct -0.4%; MNI Forecast -1.1%
— Japan Nov Household Spending Posts 9th Straight Y/Y Drop
TOKYO (MNI) – Japan’s average household spending posted the ninth
straight year-on-year drop in November as demand for TVs and musical
instrument and housing as well as utilities dropped, the Ministry of
Internal Affairs and Communications showed Wednesday.
Household spending fell to a real Y273,428 in November, down 3.2%
from a year earlier, and the pace of decline accelerated from -0.4% in
October and -1.9% in September.
The fall in November came in bigger than the median forecast of a
1.1% drop in a Market News International survey of economists.
The decline in November was led by a drop in spending on TVs and
culture and recreation.
Lower electricity charges also pushed down overall spending last
month, but spending on automobiles increased.
But overall retail sales of transportation and communication
(including automobiles) marked the first y/y fall in two months, after
rising 0.3% in October, which was the first y/y rise in 13 months.
In nominal terms, spending also fell 3.8% y/y in November.
The average real income of salaried workers’ households fell 1.0%
from a year earlier in November to Y424,272, the fourth straight y/y
drop after -2.8% in October.
Real disposable income in the average salaried workers’ household
fell 1.2% in November from a year before to Y350,792, also the fourth
consecutive y/y drop following -3.8% in October.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4835 **
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