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What are the key takeaways from Japan's jobless rate in June?

Grace A


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Japan’s unemployment rate edged 0.1% lower to 2.3% in June, below analysts’ forecast of 2.4%, according to data from the Ministry of Internal Affairs and Communications. The drop in the unemployment rate was led by the addition of 67.01 million new jobs during the month, moderately higher than the 66.94 million new jobs created in the previous month. Japan raised its minimum wage from ¥848 an hour in fiscal 2017 to ¥874 per hour in the last fiscal. However, wage growth has fallen for five months in a row up to May with regular pay which accounts for a major portion of the monthly income dropping 0.6% in May while real wages which take inflation into account sliding 1% during the corresponding period. In a separate announcement, Japan’s Ministry of Health, Labour and Welfare said that the job to applications ratio dropped to 1.61 in June from 1.62 the previous month, indicating the ongoing labour crunch in the country mostly led by an increasingly ageing population.
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