Bloomberg
Published May 08, 2020 01:44
Updated May 08, 2020 02:00
(Bloomberg) -- Japanese households cut monthly spending by the most in five years in March as the spread of coronavirus started to quicken in the weeks before the government called a state of emergency.
Spending fell 6% from a year earlier, the most since 2015, the internal affairs ministry reported Friday. Economists had forecast a 6.5% decline. Outlays have for fallen six months straight, hit first by last year’s sales tax hike and now by the virus.
Key Insights
What Bloomberg’s Economist Says
“A drop in spending on services may not yet be fully reflected in the March data. Looking ahead, spending is likely to stagnate at least through May. If the virus outbreak is contained soon, spending could show a gradual recovery in 3Q.”
--The Asia Economist Team
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(Adds wage data.)
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Written By: Bloomberg
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