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Japan's household spending drops for 8th straight month in October

Xinhua, November 29, 2016 Adjust font size:

Japan's Household spending dropped a seasonally-adjusted 0.4 percent in October from a year earlier, down for the eighth consecutive month, government data showed Tuesday.

The average household spending in October dropped to 281,961 yen (about 2,517.3 U.S. dollars), down 1.0 percent on a monthly basis compared to September, according to a preliminary report released by the Ministry of Internal Affairs and Communications,

The average monthly income per household stood at 485,827 yen (4,335.8 U.S. Dollars), down 0.1 percent from a year earlier, while the average consumption expenditures per household was 305,683 yen (2,728.1 U.S. dollars), down 1.5 percent on year.

Household spending figures are a key indicator of private consumption, which accounts for about 60 percent of Japanese gross domestic product.

Meanwhile, Japan's unemployment rate stood at 3.0 percent in October, unchanged from the previous month, according to a separate report from the ministry.

The unemployment rate for men dropped 0.1 percentage point to 3.2 percent in October, while the rate for women was up 0.1 percentage point to 2.7 percent. Endit