— Japan Mar Avg Total Wages Revised +0.9% Y/Y Vs +1.3%
— Japan Mar Average Wages Still Post 2nd Straight Y/Y Rise
— Japan Mar Avg Base Wages Revised +0.4% Y/Y Vs +0.7%
— Japan Mar Average Base Wages Mark 1st Y/Y Rise In 47 Months
— Japan Mar Overtime Pay Revised +4.5% Y/Y Vs +4.4%
— Japan Mar Bonuses, Other Special Pay Rev +6.5% Y/Y Vs +7.8%
TOKYO (MNI) – The total average monthly cash earnings per regular
employee in Japan were revised down to a 0.9% rise in March from a
preliminary 1.3% gain but still posted a second consecutive year-on-year
after +0.1% in February, data from the Ministry of Health, Labour and
Welfare released on Friday showed.
Base wages posted the first year-on-year rise in nearly four years
(47 months) while overtime pay marked a sixth straight y/y gain. Bonuses
and other one-off pay posted the first gain in three months.
But the recent improvement in wages data — confirmed in the
revised March data — may not fully reflect the reality of slow job
creation.
The sharp rise in March was a rebound from a slump caused by the
March 2011 earthquake disaster, and February figures were pushed up by
two extra working days in a leap year, compared with a year earlier.
In March last year, factory operations were slashed by rolling
blackouts imposed by Tokyo Electric Power Co. on Tokyo suburbs and
neighbouring cities while the quake and tsunami wrecked supply chains,
forcing all major automakers to suspend production.
In the latest data, average “base wages” — the key indicator for a
recovery in employee earnings — rose a revised 0.4% on year in March
(preliminary +0.7%) after no change in February and -0.3% in January. In
March 2011, they slumped -0.9%.
Overtime pay posted a sixth straight gain, up 4.5% on year in
March, revised up from the initial reading of +4.4% (vs. +1.6% in March
2011) after +3.9% in February, maintaining an uptrend and leading a
gradual improvement in wages.
Bonuses and other special pay rose 6.5% in March, revised down from
a preliminary +7.8% (vs. +9.2% in March 2011). It was the first y/y gain
in three months after -17.0% in February.
Overtime hours worked in the manufacturing sector rose a revised
9.6% in March (preliminary +10.3%), posting the 10th consecutive monthly
gain after +3.0% in February.
Compared to the previous month, overtime hours worked at
manufacturers rose a revised 0.3% (preliminary +0.4%) on a seasonally
adjusted basis, showing the fourth month-on-month gain after +5.3% in
February.
Total overtime hours worked for all industries rose a revised 4.3%
(preliminary +3.3%) on year in March, showing gains for seven months in
a row after +0.6% in February.
Total hours worked rose an unrevised 1.5% y/y in March, posting the
second straight gain, but the pace of increase decelerated from +3.3% in
February.
The number of regular workers rose an unrevised 0.6% y/y in March,
up for 73 months in a row, after rising at the same pace in February.
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 **
[TOPICS: M$J$$$,MAJDS$,M$A$$$,MT$$$$]
