TOKYO (MNI) - The Japanese index of service sector measures of service sector spending was down 0.8% in December compared to the previous month, posting the first M / m in three months on electronics wide slowdown in sales, the Ministry of Economy, Trade and Industry said Tuesday.
The figure was lower than the median forecast of a 0.6% drop in a Market News International survey of economists.
The decline in December was followed by wholesale and retail trade in household appliances and food and beverage, a revised gain of 0.5% in November (originally 0.6% m / m), .
Many buyers rushed to retailers before 1 December, when the government of the many bonuses it offers to purchase TVs, halved air conditioning / heating and refrigerators, which require less energy to operate.
This led to a decline in sales of consumer electronics in December. The sale of machinery and consumer electronics, particularly dropped by 9.4% year on year in December, the first decline in 16 months, an increase of 48.4% in November, showed the latest retail sales .
The seasonally adjusted index fell to 97.7 against 98.5 higher in December in November.
The reading of 94.4 marked in March 2009, when the index fell 3.4% m / m, still the lowest level ever recorded. The index a record high of 103.5 in August 2007 when it increased 0.9% from the previous month.
Compared to the previous year, the unadjusted index of 1.8% to 104.2 in December, marking the 11th consecutive year from the previous year, after obtaining a revised gain of 2.4% ( preliminary +2.5%) last month.
The 0.6% in February 2010 was the first y / y increase in 19 months by 0.2% in July 2008.
The index has a record of 7.7% over the previous year to March 2009.
In the current month, the sectors that showed slower undertaken by the previous month, wholesale and retail, including sales of consumer electronics (-3.2% m / m), scientists, professionals and technical services (-2.0%) and transport and postal service activities (-0.9%).
increases for industries, companies in the previous month were shown: accommodation services, food and beverages (+3.1%), other services (+2.3%) and financial intermediation (+1 , 0%).
In 2010, the tertiary sector index rose 1.3% over the previous year, the first profit in three years, from 5.2% in 2009.
In the service sector, more than half of Japanese workers, and spending on services such as trade, catering and travel is closely linked to changes in income and consumer confidence associated.
METI has changed the base year for the index to 2005 from 2000, with the data efficiently in April 2009, included revisions of the history of January 2003.
The Ministry again in certain services sectors are grouped to the business model changing. In particular, he said Japan Post to enormous financial and postal services, which are now privatized, and that the reassignment "transport and postal services" and "finance companies and insurance."
Consequently, the category "services" no longer reflects a range of Japan Post and financial postal services, but declined to trading of goods limited to display in post offices.
** New tokyo@marketnews.com international market, Tokyo Newsroom: 81-3-5403-4833 **
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