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Labor Earnings Softer Than Expected, Household Spending Up From Lows

JAPAN DATA

Japan's labor cash earnings printed weaker than expected for August. Household spending was better than forecast, but still remained negative in y/y terms.

  • Nominal labor cash earnings were +1.1% y/y, versus +1.5% forecast and a revised 1.1% gain in July. In real terms, earnings were -2.5% y/y against a -2.1% forecast and revised -2.7% fall in July.
  • Real earnings momentum is up off early 2023 lows (-4.1% y/y), but the trend doesn't suggest we are set to move back into positive territory. Japan PM Kishida told local unions yesterday that he will strive for sustainable wage gains.
  • Spending momentum was better than expected, up from recent lows, but still comfortably away from the average 2022 pace.
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