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Japanese wages slip further in July; household spending growth slows

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Japanese wages slip further in July; household spending growth slows

Japanese workers' real wages slipped further in July, continuing the downward trend for the seventh consecutive month, provisional data from the Ministry of Health, Labor and Welfare showed.

Real wages in Japan fell 0.9% year over year in July, after declining 0.5% in June.

Total cash earnings fell 0.3% in July to ¥377,334, following a rise of 0.4% in the previous month. Contractual cash earnings increased by 0.6% to ¥266,838, after a revised 0.2% drop in June.

Meanwhile, Japanese household spending climbed 0.8% in annual real terms and after discontinuity adjustments to an average of ¥288,026, slowing from the 2.7% rise recorded in the previous month, data from the Ministry of Internal Affairs and Communications showed. The consensus estimate of economists polled by Econoday was for a 1.0% rise.

In nominal terms, adjusted household expenditure increased by 1.4% year over year in July.

Spending on food fell 0.5% in real terms and grew 0.4% in nominal terms to ¥79,879, while spending on housing climbed 6.3% in real terms and 7.0% in nominal terms to ¥19,267. Fuel, light and water expenditure dropped 3.4% in real terms and 1.5% in nominal terms ¥17,679.

As of Sept. 5, US$1 was equivalent to ¥106.95.