| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Month over Month | 0.2% | -0.2% to 0.5% | 0.2% | 0.6% | |
| Year over Year | 3.0% | 2.2% to 3.4% | 2.6% | 3.7% | 3.8% |
Highlights
Japanese retail sales rose 2.6 percent on the year in July for a 29th straight increase as largely expected. Record high temperatures in many regions boosted demand for air conditioners, refrigerators and beverages, but the pace of increase moderated from a 3.8 percent gain as it was not safe to stay outdoors for a long time.
On the month, retail sales marked their fourth rise in a row, edging up 0.2 percent, as expected, after rising 0.6 percent in June. The METI maintained its assessment after upgrading it for the second straight month for the June data, saying retail sales are"on an uptrend."
On the month, retail sales marked their fourth rise in a row, edging up 0.2 percent, as expected, after rising 0.6 percent in June. The METI maintained its assessment after upgrading it for the second straight month for the June data, saying retail sales are"on an uptrend."
Market Consensus Before Announcement
Japanese retail sales are forecast to have risen 3.0 percent on the year in July for a 29th straight increase as record high temperatures in many regions boosted demand for air conditioners, refrigerators and beverages, but the pace of increase is seen moderating from a 3.8 percent gain (revised up from 3.7 percent) because it was not safe to stay outdoors for a long time.
On the month, retail sales are expected to edge up 0.2 percent, after marking a third straight increase, up 0.6 percent in June. Last month, the METI upgraded its assessment for the second month in a row, saying retail sales are"on an uptrend." Previously, it said they were"on a gradual uptrend" in its first upgrade in 15 months.
On the month, retail sales are expected to edge up 0.2 percent, after marking a third straight increase, up 0.6 percent in June. Last month, the METI upgraded its assessment for the second month in a row, saying retail sales are"on an uptrend." Previously, it said they were"on a gradual uptrend" in its first upgrade in 15 months.
Definition
Retail Sales measure the total receipts at stores that sell durable and nondurable goods. The data are part of the Preliminary Report on the Current Survey of Commerce.
Description
Another way to look at consumer spending in addition to the household spending survey is through the retail sales report. This report gives the total value of goods and services sold each month at retail outlets. The preferred number is the change from the previous year. The report serves as a direct gauge of consumption and consumer confidence. Consumer spending is one of the most important leading indicators for the Japanese economy. Increasing sales signal consumer confidence and economic growth, but higher consumption also leads to inflationary pressures.
