Japan - revised data shows wage growth much weaker than previously reported

Author: Eamonn Sheridan | Category: News

Revised data published from Japan on Good Friday showed wage growth has been much weaker in recent months than earlier reported

Capital economics has more:

  • The Ministry of Health, Labour and Welfare on Friday revealed adjustments to the figures as far back as early 2012
  • The new data show that labour cash earnings only edged up by 0.3% last year instead of the earlier reported 0.7% rise
  • Regular earnings now appear to have declined by 0.4% y/y last year
  • ... casts doubts on whether the slightly faster base pay hikes agreed upon in this year'™s Shunto will show up elsewhere... Admittedly, the labour market has continued to tighten over the past year, so wage growth should pick up somewhat going forward
  • Anaemic wage growth also implies that the prospects for consumer spending are far from rosy

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