Japan Unemployment Drops To Lowest In 26 Yrs

Tokyo: Japan on Friday released data which showed that the unemployment index dropped to 2.2 per cent of the workforce in July, the lowest since October 1992, while industrial output grew 1.3 per cent during the same month.

The index was down 0.1 per cent from June, reports Efe news.

The number of unemployed people in the country stood at 1.56 million in July, with a drop of 160,000 people or 9.3 per cent year-on-year, according to data provided by the Ministry of Internal Affairs and Communications.

The number of employed people (above the age of 15) grew to 67.31 million, an increase of 710,000 or 1.1 per cent compared to July 2018. 

In July, there were 159 job openings available for every 100 job seekers, which is 2 per cent less compared to the earlier month. 

The high ratio of available jobs points to labour shortages in the world’s third biggest economy, which is struggling with a rapidly aging population. 

Meanwhile the Ministry of Economy, Trade and Industry said on Friday that Japan’s industrial output grew 1.3 per cent in July compared to the month before. 

The index grew 0.7 per cent compared to July 2018, according to official data. 

The sectors which registered the biggest growth include auto manufacturing, chemicals and paper. 

The biggest drops in production were registered in organic chemicals, oil and coal, electrical machinery and telecoms equipment sectors. 

The government expects industrial output to grow 1.3 per cent in August and then drop 1.6 per cent in September.