Posted by: Commentary from Boris Schlossberg and Kathy Lien, Directors of Research, GFT
Japan’s retail sales fell for a seventh consecutive month in March as weakening labor market prompted households to cut spending in a clear sign that Japan’s economy is seeing no evidence of a rebound in consumer demand. Sales declined by 3.9% earlier which was actually a bit better than the market consensus of a 4.7% drop, but despite the slightly better than forecast numbers, today’s retails sales data confirms the fact the world’s second largest economy remains mired in the worst economic slump in the post war era. Yesterday, the Japanese government forecast that the economy will shrink by 3.3% in 2009.
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