Japan October household spending and labor cash earnings
Weak spending numbers on the hike in the consumption tax.
- Prior +9.5%
- Labor cash earnings +0.5% vs +0.2% expected
- Prior earnings +0.5%
- Real cash earnings +0.1% vs -0.3% expected
- Prior real cash earnings +0.2%
It was tough to forecast the impact of the consumption tax hike but the Reuters Tankan earlier in the weak foreshadowed some softness. It will probably take a few months to work out the baseline.