TOKYO - Japanese households cut their spending for the first time in almost a year in October as a sales tax hike prompted consumers to rein in expenses and natural disasters disrupted business.
That marked a sharp reversal from the 9.5% jump in September, the fastest growth on record as consumers rushed to buy goods before the Oct. 1 sales tax hike from 8% to 10%. Household spending fell 4.6% in April 2014 when Japan last raised the sales tax to 8% from 5%. It took more than a year for the sector to return to growth.
Real wages adjusted for inflation, meanwhile, edged up for a second straight month in October, but the higher levy and weak global economy raise worries about the prospect for consumer spending and the overall economy.
Aaaand this is why an income tax is better than a sales tax to fund our government.
What am I looking at exactly? I mean I see fish, but also very large blue flipflops?
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