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▼ Job Availability At Four-decade High, Unemployment Steady in Aug
- Category:Event
TOKYO - Japan's labor market conditions remained tight in August, with job availability at the highest level in over four decades and the unemployment rate steady, government data showed Friday.
The country's job availability remained unchanged from July at 1.52, the highest since February 1974, according to the Ministry of Health, Labor and Welfare. It means that 152 positions were available for every 100 job seekers.
The jobless rate in August, meanwhile, stood at 2.8 percent, unchanged from July, according to the Ministry of Internal Affairs and Communications.
The data reinforces the view that the world's third-largest economy is on a moderate recovery trend, even as economists say private consumption needs support from accelerated wage growth in a tight labor market.
Average monthly household spending, a key indicator of private consumption, gained 0.6 percent from a year ago in real terms to 280,320 yen.
"Labor is still in short supply," said Toru Suehiro, senior market economist at Mizuho Securities Co. "Against such a backdrop, companies are now stepping up investment in automation."
The unemployment rate for men dropped 0.2 percentage point to 2.9 percent while that for women remained unchanged at 2.5 percent.
The government maintained that the employment situation is "steadily improving," after the number of unemployed people fell a seasonally adjusted 2.1 percent, or 40,000, from the previous month to 1.86 million.
Japan had 65.65 million workers in August, up 200,000 or 0.3 percent, according to the internal affairs ministry.
Despite some bright spots in the economy, economists are keeping close tabs on whether the recent strength in consumption seen in the April-June quarter will continue.
Spending on food items rose for the first time in 13 months partly due to strong demand for grilled eel with the dish more reasonably priced than last year. Many Japanese people eat eel on a special day in midsummer -- a tradition based on the idea it helps them brave the summer heat.
Expenditure on transportation and communication services was another notable gainer, reflecting robust sales of cars and higher gasoline prices.
Meanwhile, consumers reduced spending on education, the internal affairs ministry data showed.
Given such factors as unstable weather conditions, "we can't expect the same pace of growth in the July-September quarter," Suehiro said.
The average income of salaried households with two or more people inched up 0.2 percent to 485,099 yen for the third straight month of gain.
Meanwhile, Tokyo stocks ended almost flat Friday, weighed down by a halt in the yen's fall against the U.S. dollar, but expectations of a Bank of Japan market support operation pared some losses.
The 225-issue Nikkei Stock Average ended down 6.83 points, or 0.03 percent, from Thursday at 20,356.28. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 1.42 points, or 0.08 percent, lower at 1,674.75.
Decliners were led by mining and transportation equipment issues, while pharmaceutical and air transportation issues were among gainers.
© KYODO
The country's job availability remained unchanged from July at 1.52, the highest since February 1974, according to the Ministry of Health, Labor and Welfare. It means that 152 positions were available for every 100 job seekers.
The jobless rate in August, meanwhile, stood at 2.8 percent, unchanged from July, according to the Ministry of Internal Affairs and Communications.
The data reinforces the view that the world's third-largest economy is on a moderate recovery trend, even as economists say private consumption needs support from accelerated wage growth in a tight labor market.
Average monthly household spending, a key indicator of private consumption, gained 0.6 percent from a year ago in real terms to 280,320 yen.
"Labor is still in short supply," said Toru Suehiro, senior market economist at Mizuho Securities Co. "Against such a backdrop, companies are now stepping up investment in automation."
The unemployment rate for men dropped 0.2 percentage point to 2.9 percent while that for women remained unchanged at 2.5 percent.
The government maintained that the employment situation is "steadily improving," after the number of unemployed people fell a seasonally adjusted 2.1 percent, or 40,000, from the previous month to 1.86 million.
Japan had 65.65 million workers in August, up 200,000 or 0.3 percent, according to the internal affairs ministry.
Despite some bright spots in the economy, economists are keeping close tabs on whether the recent strength in consumption seen in the April-June quarter will continue.
Spending on food items rose for the first time in 13 months partly due to strong demand for grilled eel with the dish more reasonably priced than last year. Many Japanese people eat eel on a special day in midsummer -- a tradition based on the idea it helps them brave the summer heat.
Expenditure on transportation and communication services was another notable gainer, reflecting robust sales of cars and higher gasoline prices.
Meanwhile, consumers reduced spending on education, the internal affairs ministry data showed.
Given such factors as unstable weather conditions, "we can't expect the same pace of growth in the July-September quarter," Suehiro said.
The average income of salaried households with two or more people inched up 0.2 percent to 485,099 yen for the third straight month of gain.
Meanwhile, Tokyo stocks ended almost flat Friday, weighed down by a halt in the yen's fall against the U.S. dollar, but expectations of a Bank of Japan market support operation pared some losses.
The 225-issue Nikkei Stock Average ended down 6.83 points, or 0.03 percent, from Thursday at 20,356.28. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 1.42 points, or 0.08 percent, lower at 1,674.75.
Decliners were led by mining and transportation equipment issues, while pharmaceutical and air transportation issues were among gainers.
© KYODO
- September 29, 2017
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