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Indicator Digest

Wages
Following the changes in workers wages is an important factor to overall inflation. As salaries increase, consumers spend more, and thereby exert upward pressure on retail prices. Higher wages also improve consumer sentiment and bolster overall economic growth.

Main Indicator: Average Cash Earnings y/y

Most Recent Release

June
29th, 2009
Actual Forecast Previous Revised Form
-2.9% -3.0% -2.7% N/A
For April
Provided by: Ministry of Health, Labor and Welfare

Table of Past Data

8/319/3011/311/3012/252/23/304/305/316/29
Actual0.3%-0.3%0.1%-0.1%-1.9%-1.4%-2.7%-3.7%-2.5%-2.9%
Forecast0.3%0.0%0.2%0.1%-0.2%-1.5%-1.4%-2.7%-4.2%-3.0%
Previous0.4%0.3%0.1%0.2%0.1%-0.7%-1.3%-2.4%-3.9%-2.7%
Revised From-0.6%N/A-0.3%0.1%-0.1%-1.9%N/AN/A-3.7%N/A

Past Releases

May
31st, 2009
Actual Forecast Previous Revised Form
-2.5% -4.2% -3.9% -3.7%
For March
Provided by: Ministry of Health, Labor and Welfare
April
30th, 2009
Actual Forecast Previous Revised Form
-3.7% -2.7% -2.4% N/A

For March
Provided by: Ministry of Health, Labor and Welfare

March
30th, 2009
Actual Forecast Previous Revised Form
-2.7% -1.4% -1.3% N/A

For February
Provided by: Ministry of Health, Labor and Welfare

Wages fell a sharper than expected 2.7% on the year in February, following a 1.3% decline in January. That is an indication of the pressure Japanese households face, not only is unemployment increasing but firms are cutting back hours and pay for those that have jobs. Household spending was down 3.5% on the year in February while the unemployment rate increased to 4.4%. 

February
2nd, 2009
Actual Forecast Previous Revised Form
-1.4% -1.5% -0.7% -1.9%

For December
Provided by: Ministry of Health, Labor and Welfare

December
25th, 2008
Actual Forecast Previous Revised Form
-1.9% -0.2% 0.1% -0.1%

For November
Provided by: Ministry of Health, Labor and Welfare

November
30th, 2008
Actual Forecast Previous Revised Form
-0.1% 0.1% 0.2% 0.1%

For October
Provided by: Ministry of Health, Labor and Welfare 

November
3rd, 2008
Actual Forecast Previous Revised Form
0.1% 0.2% 0.1% -0.3%

For September
Provided by: Ministry of Health, Labor and Welfare 

Japanese wage growth continues to be anemic and bodes ill for an economy that is skidding on recession.

September
30th, 2008
Actual Forecast Previous Revised Form
-0.3% 0.0% 0.3% N/A
August
31st, 2008
Actual Forecast Previous Revised Form
0.3% 0.3% 0.4% -0.6%

For July
Provided by: Ministry of Health, Labor and Welfare