— Japan Feb Avg Total Wages Revised +0.1% Y/Y Vs +0.7%; Jan -1.2%
— Japan Feb Wages Still Post 1st Rise in 9 Mths on Leap-Year Effects
— Japan Feb Avg Base Wages Revised Flat Y/Y Vs +0.7%; Jan -0.3%
— Japan Feb Overtime Pay Revised +3.9% Y/Y Vs +3.4%, 5th Rise In Row
— Japan Special Pay Revised -17.0% Y/Y Vs -17.7%; Jan -19.6%
TOKYO (MNI) – The total average monthly cash earnings per regular
employee in Japan rose a revised 0.1% on year to Y264,454, down sharply
from a preliminary 0.7% gain but still posting the first year-on-year
rise in nine months on leap-year effects, data released by the Ministry
of Health, Labor and Welfare showed late on Wednesday.
The ministry delayed the release of revised February data for about
a week to correct errors in base year revisions.
February’s +0.1% followed -1.2% in January and no change in
December. In releasing preliminary data earlier this month, the ministry
warned that the February figures were pushed up sharply by two extra
working days in a leap year, compared with a year earlier.
February wages were revised down as a downward revision to base
wages more than offset upward revisions to both overtime pay and
bonuses.
Average “base wages” — the key indicator for a recovery in
employee earnings — showed no change on year, revised down from a
preliminary +0.7% after -0.3% in January.
Overtime pay was revised up to +3.9% y/y from preliminary +3.4%,
posting gains for five months in a row.
Bonuses and other special pay tumbled 17.0% in February, also
revised upward from a preliminary -17.7%. It was a second straight y/y
drop following -19.6% in January.
Overtime hours worked in the manufacturing sector rose 3.0% y/y in
February, revised up from a preliminary +0.3%, posting the ninth
consecutive monthly gain after +2.3% in January.
Compared to the previous month, overtime hours worked at
manufacturers rose 5.3% on a seasonally adjusted basis, revised from the
initial reading of +2.5% and marking the third consecutive
month-on-month gain after +0.8% in January.
Total overtime hours worked for all industries rose 0.6% y/y,
revised up from an initial -1.4%, showing gains for six months in a row
after +0.6% in January.
Total hours worked increased 3.3% y/y in February on leap-year
effects, revised up from +3.0% and posting the first rise in two months
after no change in January.
The number of regular workers rose 0.6% y/y in February, revised
upward from +0.5% and after +0.5% in January.
Regular employees are workers on permanent payrolls as well as
those with part-time status.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4437 **
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