Japanese Household Spending Rises Further In October

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Real household spending in Japan grew 1.6% year-on-year in October following the 1% increase in the previous month, the Ministry of Internal Affairs and Communications reported on Friday. Economists had expected real household spending to rise 0.7%. Household spending excluding that on housing, purchase of vehicles, money gifts and remittance climbed 0.7%.

Household spending on medical care surged 11.4% annually in October, while spending on transportation & communication rose 4.7%. On the other hand, household spending on education declined 4.6%.

Spending among workers' households increased 0.6% from the previous year, the same rate of growth as in the preceding month. In nominal terms, total household spending dropped 1.3%.

Real household spending in Japan grew 1.6% year-on-year in October following the 1% increase in the previous month, the Ministry of Internal Affairs and Communications reported on Friday. Economists had expected real household spending to rise 0.7%. Household spending excluding that on housing, purchase of vehicles, money gifts and remittance climbed 0.7%. (Market News Provided by RTTNews)