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Japan April retail sales tumble after tax hike, rebound may take time

from Reuters:

Japanese retail sales fell in April at their fastest pace in three years due to declining sales of cars and electronics, offering the first indication of how much consumers are trimming their purchases after a sales tax hike took effect on April 1.

The 4.4 percent annual decrease in retail sales was more than the median estimate for a 3.3 percent decline, and marked the biggest drop since a devastating earthquake and tsunami in March 2011.

In one encouraging sign, declines in sales of apparel and toiletries were limited, which suggests consumer spending will pick up in May in line with the Bank of Japan’s scenario, but there are worries that a recovery in durable goods could take more time.

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1 comment to Japan April retail sales tumble after tax hike, rebound may take time

  • Rodster

    Right now people around the world are rioting and for one reason only. FOOD !

    Chris Martenson wrote a great piece which shows that once you reach 40% of wages towards food, people start to reach their breaking point and they begin to riot. He noted in all cases where that level has been reached riots broke out.

    And yesterday it was confirmed by the World Bank and issued a warning to Nations and Governments that global civil unrest will break out around the world if people can’t feed themselves. But yet all we hear about is how inflation is necessary and not deflation.

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