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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: ild who wrote (17860)12/7/2004 2:16:52 AM
From: mishedlo  Read Replies (1) of 116555
 
Japan Oct household spending down real 2.0 pct yr-on-yr, 3rd drop in 5 months
Tuesday, December 7, 2004 5:26:43 AM
afxpress.com

TOKYO (AFX) - Household spending in Japan fell a real 2.0 pct in October from a year earlier, the third decline in five months, the Ministry of Internal Affairs and Communications said

Compared to the previous month, spending fell a seasonally adjusted 2.0 pct

On a nominal basis, overall household spending in October fell 1.4 pct from a year earlier. Household spending averaged 297,106 yen in October

A pick-up in consumer spending is being counted on to keep the Japanese recovery on track as the previous engines of growth sputter

Earlier this month the government said in a preliminary report that the economy barely grew in the July-September quarter, owing to a slowdown in export growth and a drop in corporate capital spending, the two major driving forces behind the nation's longest growth spurt in 13 years

Instead, increasing private consumption drove what little growth occurred in the last quarter

But last week the Ministry of Finance released results of a quarterly survey of corporate conditions, showing capital spending during the July-September quarter rose more strongly than previously believed

Many economists now expect the government to announce tomorrow it has revised upward its estimate of growth last quarter
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