Japanese unemployment rate falls to 2.7%, the lowest in 25 years
Posted on December 27, 2017
Japanese unemployment rate has lowered to 2.7% and it is the lowest in last 25 years for the nation. This was revealed by the official data of the government. It was another indication that the third largest economy in the world is on the track for recovery.
The government of Japan released official figures that showed Japanese unemployment rate at 2.7% for November 2017. The ratio of applicants to jobs also enhanced slightly at 0.01% to reach 1.56 for November 2017. This is the highest level in last 44 years.
The latest figures for unemployment have been released even as Japan has witnessed 7 consecutive quarters of growth in the economy. It is the longest positive term for the past 16 years, as quoted by the New Indian Express. The forthcoming 2020 Olympic Games will further boost the economy of the nation.
The senior Economist at Nomura Securities Masaki Kuwahara said that the economy of Japan can be expected to continue expansion into the first 2 quarters of 2018. The biggest manufacturers in Japan also have the highest level of confidence for the last 11 years. This was revealed by the survey of a key central bank in the beginning of December.
Consumer prices in Japan increased for the 11th consecutive month for November 2017. On the other hand, inflation was at a far distance from the 2% target of the Bank of Japan.
Shinzo Abe the Prime Minister of Japan said that the conditions for labor market are favorable. This is demonstrated by the expansion of jobs and the lower rate of unemployment. The income of households are also enhancing gradually, he added.
Abe also cautioned that high inflation in the absence of an adequate rise in salaries will be negative for the economy. He has demanded that the major firms in the nation must increase the salaries of the employees in annual appraisals.
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