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Japan's household spending falls more than expected in November 2019

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Japan's household spending falls more than expected in November 2019

The decline in Japanese household expenditure slowed less than expected in November, data from the Statistics Bureau showed.

Household spending fell 2.0% in annual real terms and after discontinuity adjustments to ¥278,765, following a 5.1% slump in the previous month. The consensus estimate of economists polled by Econoday was for a 1.8% annual drop.

Spending on housing fell 4.1% in real terms to ¥19,009, while that on education dropped 17.1% to ¥7,342. Furniture and household utensils spending fell 13.1% to ¥10,747, while expenditure on food ticked up 0.2% to ¥78,575 and that on medical care climbed 6.0% to ¥14,783.

In nominal terms, household spending declined by 1.4%. On a monthly basis, spending fell 2.6% in November, after plummeting 11.5% in October.

Separately, real wages dropped 0.9% in November, following a revised decline of 0.4% in October, data from the Ministry of Health, Labor and Welfare showed.

Total cash earnings decreased by 0.2% to ¥284,652 in November, after stalling in October.

As of Jan. 9, US$1 was equivalent to ¥109.50.