11-July-2020
Economy News
 
Japan's retail sales extend fall in May as Covid-19 hurts consumer spending
30-Jun-2020

Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence and economic recovery prospects. The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish. Retail sales fell 12.3% in May from a year earlier, pulled down by a slump in spending on big ticket items such as cars as well as clothing and general merchandise, trade ministry data showed on Monday. The decline followed a 13.9% drop in April, which was the biggest fall since March 1998, and was worse than a 11.6% fall forecast by economists in a Reuters poll. Policymakers are hoping a rebound in private spending, which accounts for more than half of the economy, will help support growth as uncertainty over the global demand outlook threatens to delay a recovery.

News Source:- https://www.business-standard.com/article/international/japan-s-retail-sales-extend-fall-in-may-as-covid-19-hurts-consumer-spending-120062900360_1.html