Kansai Economic Insight Monthly Vol. 80 (December 2019)

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.