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Financial News: Japan Housing Starts Growth Eases; Consumer Confidence Imp

Japan Housing Starts Growth Eases; Consumer Confidence Improves

05/31/2022 - 05:44:00 (RTTNews)

(RTTNews) - Japan's housing starts increased at a softer pace in April and consumer confidence improved in May, official data showed on Tuesday.

Housing starts rose 2.2 percent yearly in April, after a 6.0 percent increase in March, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed.

Economists had forecast an annual growth of 3.0 percent.

Annualized housing starts fell to seasonally adjusted 883,000 in April from 927,000 in the previous month.

Data also showed that construction orders received by big 50 contractors grew 30.5 percent year-on-year in April, after a 21.2 percent slump in March.

The seasonally adjusted consumer confidence index increased to 34.1 in May from 33.0 in April, data from the Cabinet Office revealed.

Among the four sub-indexes of the consumer confidence index, the index reflecting overall livelihood rose 32.4 in May and income growth increased to 37.2.

Households' willingness to buy durable consumer goods improved 27.9 and the index for employment rose to 39.0.

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

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