Information from Japan for July 2023 reveals actual (that’s, inflation-adjusted) wages and family spending each fell. Gotta be a PhD in there someplace on that relationship, yeah? Or perhaps Captain Apparent has it already.
July whole money incomes +1.3% y/y (prior +2.3%)
- actual wages -2.5% y/y
- extra time pay +0.5% y/y
Total family spending -5% y/y (prior -4.2%)
Nonetheless to come back from Japan is the revised Q2 GDP studying: