Wednesday, March 17, 2010

January - Unemployment rate, household income, CPI down Industrial production, Jobless, job offer ratio, household spending up

Japan's unemployment rate fell for the second straight month in January and household spending posted solid growth despite a decline in wages.

The jobless rate fell to 4.9 percent from a revised 5.2 percent in December, the Ministry of Internal Affairs and Communications said Tuesday.

The jobless rate reached a record high of 5.7 percent in July last year.

The number of jobless people in January, however, rose by 460,000 from a year earlier to 3.23 million.

In a separate report, the Ministry of Labor said Tuesday that the average ratio of job offers to job seekers came in at 0.46 in January from 0.43, where it had been steady since September. The figure means that there were 46 job offers for every 100 job seekers. It said the January ratio marked the first improvement since September.

Along with the improving labor market, Japan's consumer spending continued to grow.

Household spending in January expanded 1.7 percent from a year earlier, marking the sixth straight month of increase, the Ministry of Internal Affairs and Communications said in a separate report.

The figure represents a key indicator of private consumption, which alone accounts for around 60 percent of Japan's economy.

Spending on cars, including vehicle purchases, jumped 11.3 percent in January from a year earlier. The ministry said government incentives for consumers buying eco-friendly cars helped boost demand.

Spending on food, including eating out at restaurants, grew 2.3 percent.

The ministry added that average monthly household income in January fell 0.5 percent to 434,344 yen ($4,900), marking the six consecutive month of year-on-year decrease.

The latest data come after the government announced Friday that industrial production in January rose for the 11th straight month amid demand in China and elsewhere in Asia, while retail sales increased for the first time in nearly a year and a half.

The country's key consumer price index, however, fell in January for the 11th straight month in a worrisome sign that consistently falling prices -- known as deflation -- still weighs on Japan's recovery.


http://finance.yahoo.com/news/Japans-jobless-rate-falls-apf-2637230241.html?x=0&.v=4

No comments:

Post a Comment