May 31 (Japan Times) - Household spending dropped again in April, official figures showed Tuesday, as consumers kept a tight hold on their purse strings despite years of government efforts to boost spending.
The fresh data attest to what analysts believe is a broader picture of the economy --- it is picking up steam overall, but tepid consumption continues to act as a drag.
Spending by households of two or more people shrank 1.4 percent year on year, extending its declining streak of more than a year, according to data from the internal affairs ministry.
Prospects have been improving on the back of strong exports, with investments linked to the Tokyo 2020 Olympics also giving the economy a shot in the arm.
The labor market is tight as separate data Tuesday showed that the jobless rate stayed at 2.8 percent in April, the lowest in more than two decades.
The labor ministry separately said Tuesday that the ratio of job offers to job seekers in April was at a 43-year high of 1.48, meaning there were 148 offers to every 100 job hunters.
Official figures earlier showed Japan's economy grew 0.5 percent in the first three months of the year --- or a 2.2 percent annualized growth rate.
