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Financial News: Japan Housing Starts Fall Further; Consumer Confidence At

Japan Housing Starts Fall Further; Consumer Confidence At 18-Month Low

07/29/2022 - 02:52:00 (RTTNews)

(RTTNews) - Japan's housing starts decreased for the second straight month in June, while consumer confidence weakened to the lowest level in one-and-a-half years in July, official data showed on Friday.

Housing starts dropped 2.2 percent year-over-year in June, slower than the 4.3 percent fall in May, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed.

Economists had forecast an annual decline of 1.2 percent.

However, seasonally adjusted annualized housing starts rose to 845,000 in June from 828,000 in the previous month.

Data also showed that construction orders received by big 50 contractors grew 15.5 percent year-on-year in June, following a 19.5 percent rise in May.

The seasonally adjusted consumer confidence index fell to 30.2 in July from 32.1 in June, data from the Cabinet Office revealed.

Moreover, this was the lowest score since January 2021, when it was 29.8.

Among the four sub-indexes of the consumer confidence index, the index reflecting overall livelihood decreased to 28.4 in July from 29.8, and income growth slid from 35.8 to 34.4.

Similarly, households' willingness to buy durable consumer goods declined to 23.6, and the index for employment dropped to 34.3.

The latest survey was conducted on July 15 covering 8,400 households.

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