Japan data, overall household spending was higher than expected and notably higher than in June
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July household spending +1.7% m/m (expected +1.3%, prior -5.2%)
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July household spending +1.4% y/y (expected +2.3%, prior +1.3%)
Wages up solidly also:
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July overtime pay +3.3% y/y (prior +0.56%)
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July total cash earnings +4.1% y/y (expected 3.0%, prior +3.1%)
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July inflation-adjusted real wages +0.5% y/y
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Real wages (adjusted for inflation) rose for the first time in seven months in July
- helped by hefty summer bonuses and steady growth in base pay
- 7.9% jump in special payments
- 2.5% rise in regular pay
Overtime pay strongest since late 2022
Total cash earnings + 4.1%, the fastest in seven months
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