3RD LD: Japan's jobless rate down to 5.5% in August, 1st fall this year.
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Japan's seasonally adjusted Seasonally adjusted
Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. unemployment rate fell to 5.5 percent in August after hitting an all-time high of 5.7 percent the previous month, the government said Friday.
The rate unexpectedly fell for the first time since January, amid some positive signs in the business activity of big firms. It was lower than the 5.8 percent projected on average by economists Kyodo News Kyodo News (共同通信社 Kyōdō Tsūshinsha) is a nonprofit cooperative news agency based in Minato-ku, Tokyo. It was established in 1945 and it distributes news to almost all newspapers, and radio and television networks in Japan. surveyed.
But the improvement was largely due to a slower pace of decline in the number of people losing their jobs and was not backed by a strong rise in the number of new jobs available, a preliminary report of the Ministry of Internal Affairs and Communications Ministry of Internal Affairs and Communications (総務省 Sōmushō showed.
''Our view remains the same that the employment situation is very severe'' despite the slight improvement, Chief Cabinet Secretary Hirofumi Hirano said at a news conference.
The number of jobholders stood at 62.96 million in August, down 1.09 million from a year before, the 19th straight month of contraction.
The number of jobless people rose 890,000 from a year earlier to 3.61 million for the 10th straight month of increase, the ministry said. Of the total, 1.24 million had been laid off, up 610,000 from a year before.
In July, the number of jobless people grew by the largest figure ever -- 1.03 million, or 40.2 percent -- to push the unemployment rate up to a post-World War II record of 5.7 percent.
Most economists had expected that the jobless rate would continue to climb in August as recent figures have indicated manufacturers remain reluctant to make investments or hire additional people even though many of their production lines are operating at a much greater capacity than earlier this year.
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3. data the labor ministry released Friday, there were only 42 job offers for every 100 job seekers in August, unchanged from the previous month. The ratio of job offers to job seekers, standing at a seasonally adjusted 0.42, is the lowest on record.
Kohei Okazaki, an economist at Nomura Securities Co., said the trend seen in the preliminary report will likely be ''only temporary.''
''The (unemployment) rate fall was surprising and was good news,'' he said. ''But still it will likely be higher again toward the end of this year,'' he added, pointing to factors such as a possible slowdown in the pace of recovery in industrial production.
The latest job figures were released a day after the Bank of Japan's closely watched Tankan survey Tankan Survey
An economic survey of Japanese business issued by the central Bank of Japan, which it then uses to formulate monetary policy. The report is released four times a year in April, July, October and mid-December. said Japanese business confidence improved in the three months to September. It was the second straight quarter of improvement, marked for the first time in nearly three years.
In August, the jobless rate for men fell 0.3 percentage point from the previous month to 5.8 percent, and that for women dropped 0.1 point to 5.0 percent.
According to the Health, Labor and Welfare Ministry data, the number of job offers grew for the first time since May 2008, up 0.2 percent, and that of job seekers rose 1.3 percent.
New job offers in the manufacturing industry continued to plummet, down 41.3 percent from a year earlier. But that was better than the 46.3 percent drop in July.
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|Publication:||Japan Weekly Monitor|
|Date:||Oct 7, 2009|
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