Government Data: Percent and Spending

government data: The figure was also weaker than the median forecast for a 3.0 percent decline, according to The Japan Times. That marked a sharp reversal from the 9.5 percent jump logged in September, the fastest growth on record as consumers rushed to buy goods before the Oct. 1 tax rise. Households cut their spending for the first time in almost a year in October as natural disasters disrupted business and the sales tax hike, from 8 percent to 10 percent, prompted consumers to rein in expenses. ; Household spending dropped 5.1 percent in October from a year earlier, government data showed Friday, down for the first time in 11 months and the biggest year-on-year fall since March 2016 when spending fell 5.3 percent. Not only is the sales tax hike hurting consumer spending but impacts from the typhoon also accelerated the decline in the spending, said Taro Saito, executive research fellow at NLI Research Institute. RELATED STORIESOctober's 4.2% output drop poses risk of steeper economic slide in Japan Cabinet approves 26 trillion stimulus package to prop up slowing Japanese economy A Cabinet Office official said it would be necessary to monitor outcomes for November and beyond to assess the impact of the tax hike, as household spending fell year-on-year for 13 consecutive months after the previous one. We expect the economy overall and consumer spending will contract in the current quarter and then moderately pick up in January to March, but such a recovery won't be strong enough. (news.financializer.com). As reported in the news.