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Japan Service Demand Falls as Consumers Pare Spending
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Japan’s demand for services slipped in November, a sign that consumer spending is waning.
The tertiary index, which captures 63 percent of the economy, fell 0.2 percent from October, the Trade Ministry said today in Tokyo. The figure matched the median forecast of 22 economists surveyed by Bloomberg News.
Consumers, whose outlays account for more than half of the economy and helped pull the nation out of a recession last year, are starting to pull back amid rising unemployment and falling wages. Retailers including Daiei Inc. are struggling to return to profit as the recovery fails to gain momentum.
“Consumers’ desire to save is only strengthening,” said Akiko Kosugi, an... Full Story |
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Submitted Jan 19, 2010 7:22pm
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