ABSTRUCT
Summary: Kansai’s economy is deteriorating but likely to level off
▶ Production: Production in October declined after expanding in September.
▶ International trade: Although Kansai logged a trade surplus in November, exports and imports kept shrinking.
▶ Business confidence: The DI improved in November but it remains low.
▶ Wages: Both nominal and real wages kept declining in September.
▶ Labor market: The number of job openings decreased and unemployment increased in October.
▶ Consumption: Large retailers’ revenues in October slumped after the consumption tax hike.
▶ Housing: The number of new housing starts in October declined.
▶ Construction: The monetary value of construction investments in October kept rising.
▶ Inbound tourism: International arrivals at KIX in November grew despite the decline in Korean visitor numbers.
▶ Chinese economy: China’s PMI improved in November, surpassing the cutoff level of 50 for the first time in seven months. However, the future outlook remains unclear.
