Japan household spending, wages slump as Covid-19 pain lingers
- Posted by: vitu
- Categories: Asia, Economics
TOKYO (REUTERS) – Japan’s household spending slumped in September from a year earlier and real wages slid for the seventh straight month, data showed on Friday (Nov 6), a sign sluggish domestic demand will continue to drag on any recovery in the world’s third-largest economy.
The data underscores the challenge authorities face in balancing the need to prevent the spread of the coronavirus pandemic and reviving economic activity.
Household spending fell 10.2 per cent in September from a year earlier, marking the fourth biggest drop on record and roughly matching a median market forecast for a 10.7 per cent fall, government data showed. It followed a 6.9 per cent drop in August.