October 2, 2020 | technology | No Comments
TOKYO (Reuters) – Japanese household spending is expected to have fallen for a 11th straight month in August, a Reuters poll found on Friday, suggesting the coronavirus crisis is still weighing heavily on consumer confidence.
Analysts say the economy is rebounding gradually after suffering its worst post-war contraction in the second quarter, but the jobs and wage situation remain weak.
New COVID-19 cases in Japan have been on a general downward trend recently but appear to be levelling off.
Household spending likely fell 6.9 % in August from a year earlier, the poll of 14 economists showed, after a 7.6 % fall in July.
Compared with the previous month, household spending is forecast to have risen 3.2% in August from a 6.5% decline, the poll found.
“As the coronavirus cases resurged in Japan, people’s self-restraint stance towards spending on entertainment and tourism persisted,” said Takeshi Minami, chief economist at Norinchukin