Economic news

Japan May household spending falls 1.8%, worse than expected

2024.07.04 19:47

TOKYO (Reuters) – Japanese household spending unexpectedly fell in May, government data showed on Friday, as higher prices continued to squeeze consumers’ purchasing power, further threatening the fragile economy.

Consumer spending contracted 1.8% in May from a year earlier, far below the median market forecast for a 0.1% uptick.

On a seasonally adjusted, month-on-month basis, spending decreased 0.3% versus an estimated 0.5% rise.

Sluggish private consumption is a source of concern for policymakers striving to achieve sustained economic growth underpinned by solid wages and durable inflation, which are prerequisites for normalising monetary policy.

© Reuters. FILE PHOTO: A view of a vegetable stand with prices at a supermarket in Tokyo, Japan, March 24, 2023. REUTERS/Androniki Christodoulou/File Photo

The Japanese economy shrank more than initially reported in the January-March quarter, the government said earlier this week, in a rare, unscheduled revision to gross domestic product (GDP) data.

Economists, though, expect GDP to rebound this quarter thanks to higher wages and capital expenditures driving up domestic demand. A survey conducted by Japan’s largest trade union group showed workers’ monthly pay will rise 5.10% on average this fiscal year, the biggest hike in three decades. To view the data on the website of the Ministry of Internal Affairs and Communications, click here:



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