Italy Oil & Gas Q4 2019
Although private consumption held steady in H119, it is likely to slow and even contract in the second half of the year, asJapan's government is set to introduce its consumption tax increase from October 1. With no let-up expected from external anddomestic headwinds, consumer confidence continues to fall away and the impact on retail sales is already being felt. Japan's tightlabour market and modest wage growth have provided some recent support to consumption, however, July's modest contraction inwage growth does not auger well for consumer spending going forward.
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