Beautiful person draws The Princess of Cleves A business grammar decidedly variable geometryThe new ceiling be zero rate loan it says in the Elysee PalaceReconstruction of facts said us anything else000 daily barrels in November either 645This represents nearly 190000 young each yearThe unsuccessful will be many including in the ranks of the French banksA calendar of ambitious if not unrealisticThese software can be divided into two categoriesBush is still the tenant of the White HouseThe economic recovery of Japan would be being escape to employees Since a few months, the statistics from Tokyo draw the image of an obviously unbalanced economy. As a confirmation of this trend, the Ministry of labour announced yesterday that the average level of wages had decreased by 0.2 over a year in November. From January 2006, the increase is only 0.2, knowing that the average level of remuneration had suffered a decline of 10 during the period from 1997 to 2005. And in large enterprises, year end bonus also experienced a smaller increase (2.5) this year as last year (4.5).
Macro translation of this imbalance is a persistent weakness in consumption. Already, in the publication of the economic prospects of the Organization for cooperation and development (OECD), the Chief Economist of the Organization, Jean-Philippe Cotis was worried this weakness. Rightly since November of household spending recorded a decrease of 0.7. In the third quarter, they experienced their largest decrease since 1997. The second had also been very disappointing, but the rainy weather of the summer had suggested a temporary phenomenon.
The situation would not paradoxical if the balance sheet of the companies is deteriorating. But it is nothing. A survey released yesterday by the economic newspaper "Nikkei", 90 of bosses believe that the current recovery will intensify and endure more than a year. "nikkei" specifies that the profits of listed firms are poised to beat records for the fourth year in a row. More surprising, the job market is extremely tense. Unemployment is at its lowest for eight years. And according to the Central Bank, the shortage of labour has never been as obvious for fourteen years.
Precarious contracts
There is obviously: employees do not benefit from the period of economic growth the longest that has known the archipelago since the second world war. One of the most advanced explanations would be the massive use of precarious contracts. In the first three quarters 2006, a Japanese three had a job of this type (part-time, CSD or acting).
Should be clearly more to worry about the Governor of the Central Bank, Toshihiko Fukui. In an interview, yesterday, "sankei" daily, it has to reiterate his optimistic vision of the Japanese economy. For him, bad performance in the consumption of households in the third quarter does not call into question "the background trend" that "the good corporate earnings are affect the situation of households". A position that has at least the merit of being consistent with the line adopted by the Central Bank since last summer: in July, arguing that deflation was over, she terminated the zero rate policy that it was five years.
Yet, in an economy which relies for more than half on domestic consumption, the Prime Minister, Shinzo Abe, seems to take the problem seriously. He comes to ask patrons to redirect the profits of their companies for the benefit of the labour force. Will he hear According the study of the "Nikkei" already cited, only a quarter of the leaders plan to increase salaries in 2007. In view of international competition, most believe more appropriate to invest in research and new equipment.
