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Economy Watchers Index down to new all-time low in November

December 8, 2008
By Ken Worsley


After having fallen to an all-time low of 22.6 in October, Japan’s Economy Watcher’s Survey showed a fresh all-time low of 21.0 in November, according to a report released today by the Cabinet Office. The index has now fallen for eight straight months.

The Economy Watchers survey is measured as an index with a score above 50 indicating a positive view of the economy and a score below 50 representing a pessimistic overall view. The survey measures sentiment amongst taxi drivers, restaurant staff, barbers, and other service industry workers sensitive to frontline economic conditions. The index itself has now been below the 50 mark for the past 20 months.

Of six industries listed in the sub-index, only restaurant workers showed an increase in sentiment, and their score, at 26.5, was the highest amongst all industries. The lowest score, at 18.9, was seen amongst manufacturing industry workers.

In the November survey, 0.4% of respondents reported that economic conditions are improving, with 2.8% reporting that they see slight improvement. Both of these scores were down from the previous month. The number of respondents who felt that economic conditions are worsening increased from 35.9% in October to 40.3% in November.

Filed Under Cabinet Office, Economic Reports, Economy Watchers 

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Comments

2 Responses to “Economy Watchers Index down to new all-time low in November”

  1. Steven Towns on December 9th, 2008 4:01 am

    The figures are pretty sad and telling, especially for those poor barbers (you recently covered the Nikkei’s piece on increasing sales for DIY haircuts and sets). Equities investors meanwhile, are largely shrugging off the latest doom and gloom data. Status quo in Japan and ignorant bliss in the U.S.

  2. Ken Worsley on December 9th, 2008 11:46 am

    They are sad. I was not expecting a dip below 20, especially with gas and fuel prices coming down. But it’s starting to look as though that might happen, especially as household spening continues to decline, jobs are being shed and wages show no (or negative) growth.

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