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Financial News: Japan Retail Sales Decline Sharply In May

Japan Retail Sales Decline Sharply In May

06/28/2018 - 01:08:00 (RTTNews)

(RTTNews) - Japan's retail sales declined sharply in May signaling weak consumer spending, figures from the Ministry of Economy, Trade and Industry showed Thursday.

Retail sales decreased 1.7 percent month-on-month in May, reversing a 1.3 percent rise in April. Sales were expected to decline moderately by 0.8 percent.

On a yearly basis, retail sales growth eased to 0.6 percent to 1.5 percent in the previous month. Economists had forecast sales to expand 1.2 percent.

Auto sales fell 2.8 percent and clothing and footwear sales decreased 4.1 percent from a year ago.

Marcel Thieliant, an economist at Capital Economics, said despite the fall in retail sales, consumer spending should still return to growth in the current quarter.

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