Japan's household spending slumps big timeChristian Fernsby ▼ | July 7, 2020
Japan’s household spending fell fastest on record in May, as consumers heeded authorities’ calls to stay home to contain the coronavirus pandemic, pushing the world’s third-largest economy deeper into decline.
Household Japan old street
Household spending slumped 16.2% in May from a year earlier, official data showed on Tuesday, falling at the quickest pace since comparable data became available in 2001.
The drop, which was larger than a median market forecast for a 12.2% fall, extended an 11.1% decline in April.
Separate data on Tuesday showed May inflation-adjusted real wages dropped at the fastest pace since June 2015, adding to signs of stress in the labour market. ■