Japan August Year-on-Year Labor Cash Earnings: Economic Growth Slows

On September 5, 2025, Japan’s Ministry of Health, Labor and Welfare released the year-on-year labor cash earnings data for August. The actual figure was 2.7%, matching the forecast of 2.7%, while the previous reference value was 4.10%.This indicator reflects the growth in average wages, providing insight into the state of national economic development and serving as a measure of inflation. It is rated as having moderate importance (rating 1). The statistical method compares the average pre-tax income of full-time employees in the current month with that of the same month in the previous year; overtime pay and bonuses are included, while dividends and financial asset returns are excluded.The data is published monthly, with the next release scheduled for November 6, 2025.

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