TOKYO, May 8 — Japan’s household spending plunged in March and service-sector activity shrank at a record pace in April, reinforcing expectations that the coronavirus pandemic is tipping the world’s third-largest economy into deep recession. Overtime pay — a barometre of strength in...
Friday, 08 May 2020 03:46 PM MYT
Overtime pay — a barometre of strength in corporate activity — also plunged at a record pace in March, data showed, a sign companies were hit by shrinking business even before the government announced a state of emergency in early April. “The economy may rebound somewhat in July-September but won’t return to pre-coronavirus levels for the rest of this year,” said Saito, who expects the economy to contract an annualised 30 per cent in the current quarter.
There were some winners with firms that provide catering for people at home seeing increased business. With infections in Japan exceeding 15,000, the government extended a state of emergency on Monday through to the end of the month, pressuring companies to shut down factories and stores longer than previously expected.Japan’s services sector shrank at the fastest pace on record in April as a huge blow to demand from the outbreak hurt business activity, a business survey showed.
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