What happened? On Monday, February 21, Russian President Vladimir Putin signed decrees recognizing the sovereignty of the Donetsk and Lugansk People's Republics…
Japan’s wages calculation in GDP will be revised
On Friday, Japan's cabinet told it’s on the verge of amending the calculation of employees’ compensation in the country’s GDP. Moreover, the Japanese government will most likely have its draft budget revised having understated wages data for over a decade because of faulty polling techniques.
The revisions aren’t anticipated to change the tempo of economic surge in Japan. Simultaneously, that’s an embarrassment for Prime Minister Shinzo Abe due to the fact that his cabinet has enacted a number of policies to avert the risk of deflation by simply stimulating wages to go up.
In fact, inaccurate wage data makes it difficult to evaluate whether Abe's policies are really working and could raise questions regarding the credibility of other data, thus leaving Japanese policy makers blind-sided in their attempts to speed up sustainable economic surge.
As some financial analysts pointed out, escaping deflation turns out to be Abe's number one economic objective, and if you’re unable to trust the data you are unable to make rational policy decisions. Last year the Japanese cabinet altered the sampling method for the purpose of improving wages data, and now they’re telling they had the data understated, which is incredible.
On Friday, the Cabinet Office that compiles GDP told that it’s going to uncover revisions for wages in 2016-2017 at the end of January. In February, the Cabinet Office is going to disclose revisions to wages data from 2015 and also earlier.
On Friday, the country’s Finance Minister Taro Aso told that the cabinet won’t probably have its budget draft revised for the next fiscal year to pay for a shortfall of employment insurance benefits provoked by mistakes in Japan’s wage data.
Such a rare move as this probable budget revision would follow the revelation that the labor ministry wrongly calculated employees’ average wages for years.
That day has come, guys! The Fed will hold a meeting at 21:00 GMT+3. It can be a highly impactful event. The markets expect the bank to hint about the timing of tapering.
The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.