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- Japan’s household spending increases less than forecast in July
Japan’s household spending increases less than forecast in July
The
Ministry of Internal Affairs and Communications announced on Tuesday that the Japanese
household spending increased 0.7 percent y-o-y in July, following a 5.1 percent
y-o-y drop in June.
Economists
had expected household spending to rise 2.9 percent y-o-y in July.
According
to the report, spending increased for transportation & communication (+14.2
percent y-o-y), apparel (+2.7 percent y-o-y), food (+1.9 percent y-o-y), and culture
& recreation (+1.7 percent y-o-y), but reduced for education (-9.9 percent
y-o-y), furniture & household utensils (-8.4 percent y-o-y), medical care
(-7.0 percent y-o-y), utilities (-5.9 percent y-o-y), and housing (-1.7 percent
y-o-y).
In
m-o-m terms, household spending fell 0.9 percent in July after a 3.2 percent
drop in June. Economists had predicted a 1.1 percent m-o-m gain in the Japanese
household spending for July.
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