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Japan: Unemployment hits six-year high

Posted By admin On July 31, 2009 @ 4:18 am In Money Watch | Comments Disabled

Justin McCurry
London Guardian [1]
Friday, July 31, 2009

Unemployment in Japan has risen to its highest level for six years, sparking fears that the country’s recovery is being hampered by deflation and weak demand at home.

The number of people out of work has risen 31% in the last year to 3.48 million, pushing the jobless rate up to 5.4% in June from 5.2% a month earlier. Job availability also fell to a record low of 43 positions for every 100 job seekers, the government said today.

The grim unemployment data was accompanied by a warning that prices fell at a record pace last month, showing that deflationary pressures are haunting the world’s second biggest economy. Core consumer prices, which do not include food, dropped by a record 1.7% in the year to June.

But the Nikkei stock average defied the gloomy data and gained 1.9% to close at a 10-month high of 10356. The gains were seen as a reflection of better-than-expected earnings results from some major Japanese companies this week.

Full article here [1]

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URLs in this post:

[1] London Guardian: http://www.guardian.co.uk/business/2009/jul/31/japan-unemployment-deflation

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] US unemployment hits 25-year high: http://www.prisonplanet.com/us-unemployment-hits-25-year-high.html

[4] Unemployment hits 16-year high at 2.5m in new blow for Brown: http://www.prisonplanet.com/unemployment-hits-16-year-high-at-2-5m-in-new-blow-for-brown.html

[5] Eurozone unemployment hits record high and reveals two-speed Europe: http://www.prisonplanet.com/eurozone-unemployment-hits-record-high-and-reveals-two-speed-europe.html

[6] Eurozone unemployment hits 15-year high: http://www.prisonplanet.com/eurozone-unemployment-hits-15-year-high.html

[7] Unemployment hits record high across the Eurozone at 12.2%, leaving nearly 20million people out of work: http://www.prisonplanet.com/unemployment-hits-record-high-across-the-eurozone-at-12-2-leaving-nearly-20million-people-out-of-work.html

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