Economic Buzz: Japan Household Spending Rise 1.1% On Month In October

6 Dec 2022 , 01:41 PM

The average household spending in Japan rose for the second straight month in October amid a reduction in Corona virus cases, the Ministry of Internal Affairs and Communications reported. Household spending rose 1.1 percent month-on-month in October, following a 1.8 percent gain in September. On a yearly basis, household spending growth eased to 1.2 percent in October from 2.3 percent in the previous month. The average monthly income per household stood at 568,282 yen, down 0.9 percent from a year ago. Separate data from the labour ministry showed that Japans total labor cash earnings climbed 1.8 percent yearly in October, slower than the revised 2.2 percent rise a month ago. Real wages, a key indicator of consumers purchasing power, dropped 2.6 percent in October from last year, after a 1.2 percent fall in September. It was the seventh consecutive monthly decline, impacted by rising inflation.Powered by Commodity Insights