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Economy in Brief
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
U.S. Consumer Confidence Unexpectedly Rose in April
The Conference Board Consumer Confidence Index rose to 128.7 in April from 127.0 (initially reported as 127.7) in March...
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
by Robert Brusca July 29, 2009
Japan retail sales fell in June but June caps a three-month
period in which sales have expanded. Still, in the quarter-to-date
Japan’s retail sales are falling but only slightly.
Over 12-months retail sales are off by about 3%, led by
declines in fabric and apparel and the rest of retail which dropped by
4.2%. Auto sales are only off by 0.5% Yr/Yr. Food and beverage sales
are off by 1.2%. Sales at department stores and supermarkets slipped
6.7% on the year, and after those figures are adjusted for the number
of stores (same-store sales), sales posted their 15th straight monthly
decline, according to METI.
This is hardly a robust picture of activity yet today the MoF
upgraded its assessment of Japan’s economy for the first time in five
years. The Ministry of Economy, Trade and Industry said. The
government's massive stimulus measures, which include tax-cut programs
such as incentives to buy new cars, may help to boost retail sales in
the future. For now the consumer is in the doldrums and spending habits
remain subdued. Leading indicators for Japan have not turned the corner
to signal positive trends yet.
| Jun-09 | May-09 | Apr-09 | 3-mo | 6-mo | 12-mo | Yr-Ago | Q-to-Date | |
| Total SA | -0.3% | 0.1% | 0.7% | 2.1% | -1.6% | -2.9% | 1.2% | -0.3% |
| Not seasonally adjusted | ||||||||
| Total: Nominal | -0.5% | 0.5% | 0.3% | 1.1% | -0.8% | -3.0% | 0.7% | -0.7% |
| Motor Vehicles | -1.9% | -4.1% | 7.5% | 4.7% | -5.7% | -0.5% | -3.2% | 3.0% |
| Food& Beverage | -1.4% | 2.0% | -1.0% | -2.0% | -3.7% | -1.2% | 14.8% | -1.0% |
| Fabric apparel& access | -4.5% | 1.4% | 1.5% | -6.5% | -1.0% | -5.7% | -6.6% | 2.5% |
| Rest of Retail | 1.1% | 0.4% | -0.7% | 3.5% | 2.3% | -4.2% | -5.0% | -1.9% |
