Japan's household spending drops at record pace as COVID-19 hits economy

TOKYO: Japan's household spending fell at the fastest pace on record in May as consumers heeded authorities' calls to stay home to contain the ...

TOKYO: Japan's household spending fell at the fastest pace on record in May as consumers heeded authorities' calls to stay home to contain the coronavirus pandemic, pushing the world's third-largest economy deeper into decline.

The drop, which was larger than a median market forecast a 12.2 per cent fall, followed an 11.1 per cent decline in April. Tuesday's data showed large cuts in spending on hotels, transportation and eating out as people stayed at home.On the other hand, stay-home policies boosted spending on pork and beef, alcohol and sanitary goods like face masks.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

ChannelNewsAsia /  🏆 6. in SG

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US tops 130,000 deaths from Covid-19 after record surge in casesWASHINGTON (REUTERS) - The number of US coronavirus deaths exceeded 130,000 on Monday (July 6), following a surge of new cases that has put US President Donald Trump's handling of the crisis under the microscope and derailed efforts to restart the economy.. Read more at straitstimes.com.
Read more »

Israel re-imposes restrictions after Covid-19 spikeJERUSALEM (REUTERS) - Israel reimposed on Monday (July 6) a series of restrictions to fight a spike in coronavirus infections, including the immediate closure of bars, gyms and event halls.. Read more at straitstimes.com.
Read more »

GE2020: Workers' Party revives redundancy insurance proposal amid COVID-19 uncertaintySINGAPORE: The Workers' Party (WP) said on Monday night (Jul 6) that it will push for a reconsideration of its proposal for redundancy insurance ...
Read more »

Pakistan's health minister tests positive for COVID-19ISLAMABAD/LAHORE: Pakistan's health minister on Monday (Jul 6) said he had tested positive for COVID-19, the latest senior figure to contract the ...
Read more »

23 community cases among 183 new COVID-19 infections in Singapore, 6 are unlinkedSINGAPORE: Singapore reported 183 new COVID-19 infections as of noon on Monday (Jul 6), including 23 cases in the community, said the Ministry of ...
Read more »