This implies that employee income, which is the product of the number of employees and wages, is likely to continue rising moderately. Against this background, private consumption has been firm. Although weather conditions have caused sales at department stores and at supermarkets to stay virtually flat, sales of digital appliances have been strong and the number of new passenger-car registrations has picked up.
Meanwhile, however, various survey results are indicating weaker consumer sentiment. Factors behind this seem to include rises in prices of daily necessities such as gasoline, kerosene, and food, while wages remain sluggish. Developments in private consumption, which may be influenced by the weaker consumer sentiment, should continue to be monitored carefully.