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Japan's household spending falls less than expected in July

Household spending in Japan fell 0.50% in July compared to a year ago. It was better than the forecasts of a 0.90% decline, data from the Internal Affairs Ministry showed on Tuesday.

July's declines, although better than estimates still marked the downtrend which is now into its fifth straight month of declines. June's data was revised down slightly to show a decline of 2.20%. The pace of declines in household spending decelerated after heat wave led to a demand for air conditioners. But the demand was offset by lower expenditures on automobiles and declining overseas tours to Europe. Core household spending that excludes housing, motor vehicles, and other volatile items rose 0.30% on the month, in July.

Japan unemployment rate July 2016: 3.0% (Prev. 3.10%)

In a separate report, Japan's Labor Force Survey showed that the seasonally adjusted average unemployment rate in July fell to a 21 year low to 3.0% in July from 3.10% in June. It was the lowest level, last seen in May 1995. The headline figure also beat estimates of 3.10%. Despite the better than expected data, the improvement in the jobless rate has yet to see the effects in terms of higher wages and consumer spending.