Please try another search
Economy 4 hours ago (Nov 28, 2022 08:05PM ET)
© Reuters. FILE PHOTO: Women check items at a retail shop at Tokyo’s Sugamo district, an area popular among the Japanese elderly, in Japan June src5, 20src6. REUTERS/Issei Kato/File Photo
By Kantaro Komiya
TOKYO (Reuters) -Japanese retail sales marked an eighth successive month of annual growth in October, data showed on Tuesday, after full reopening of borders added to the boost from this year’s dismantling of internal pandemic control measures.
There was little growth from September, however, as Japanese households were squeezed by inflation running at its fastest pace in 40 years.
Retail sales in October were 4.3% higher than a year earlier, government data showed on Tuesday. The rise was lower than economists’ median forecast of 5.0%.
The indicator, a barometer of private consumption, has been growing since March, when the Japanese government lifted remaining curbs on face-to-face services.
On a seasonally adjusted basis, retail sales gained 0.2% in October from a month earlier. It marked the fourth month of increase but was much smaller than a src.5% rise in September.
The number of foreign visitors to Japan in October was almost 500,000, more than twice as many as in September. October was the first month in which the country was fully reopened to overseas travellers.
The inflow of inbound visitors has reinforced a hope for Japan’s consumption-led recovery after the economy posted a surprise contraction for July-September. The biggest gains in tourist spending may come later, however, since Japan is still getting few visitors from China, where strict border controls remain in place.
Separate data released on Tuesday showed Japan’s jobless rate had been unchanged at 2.6% in October, despite economists polled by Reuters expectation of an improvement to 2.5%.
The ratio of advertised jobs to applicants, a key gauge of job availability, grew for a tenth successive month, to src.35, the highest level since March 2020.
Related Articles
The Caregiver’s Lament: How to handle the costs of care
By Reuters – Nov 29, 2022
By Chris Taylor NEW YORK (Reuters) – You might know P.J. Byrne from the movies, most likely as one of the fast-living brokers alongside Leonardo DiCaprio in “The Wolf of Wall…
S&P Global lowers 2023 growth forecast for emerging markets
By Reuters – Nov 29, 2022
(Reuters) – S&P Global (NYSE:SPGI) Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a…
Marketmind: Nearing the top?
By Reuters – Nov 29, 2022
A look at the day ahead in European and global markets from Anshuman Daga Support for weary Chinese property developers boosted Chinese and Asian stocks on Tuesday but inflation…