How the unemployment rate has soared in Japan

How the unemployment rate has soared in Japan

August 3, 2021 Comments Off on How the unemployment rate has soared in Japan By admin

Japan has become the latest country to face an increase in unemployment.

The Japanese economy posted its biggest one-day fall in two years in the third quarter, with the jobless rate hitting a seven-year high of 16.4%.

In the second quarter, Japan had the fourth-highest unemployment rate in the OECD, behind Germany, Sweden and the United States.

This has prompted the Japanese government to announce that it will spend 1 trillion yen ($1.1bn; £1.2bn) to improve the unemployment insurance system.

The plan will involve extending unemployment benefits to 30 million people and increasing the number of people covered by the scheme from 3 million to 4 million.

But it is likely that the new measures will not come into effect until April 2019.

“The jobless rates have surged again this year, which is a new low,” Nikkei economist Takashi Hata told the BBC.

“We are not sure what to make of the latest figures, but we are starting to see a real rise in the joblessness rate.”‘

Hollow and dispiriting’After an eight-year hiatus, the unemployment rates in Japan have risen by seven percentage points since the end of last year.

The figure is the highest since September last year, and is far above the five-year average of 8.7%.

The rise is largely due to the country’s sluggish economy and the rise in youth unemployment.

A separate report from the National Institute of Population and Social Security Research, which was commissioned by Prime Minister Shinzo Abe’s Liberal Democratic Party, found that Japan’s unemployment rate dropped from 9.9% in 2015 to 8.4% in 2016.

The report found that the rate has since risen again in 2017 to 9.8%.

It also said that the number seeking jobs has increased by over 20% in 2017, and that more people are now unemployed.

Hata said that while the new figures might have been welcome, they were hollow and disconcerting.

“It is hard to see how the job market is going to get better in the future, given the country is facing a massive recession and the economy is shrinking,” he said.

“For a country like Japan that is suffering a massive economic crisis, that kind of a news is very hard to come by.”‘

Austerity measures’The number of unemployed people rose from 2.9 million in January to 3.3 million in April.

The rate in April was the lowest since the third week of January 2017.

The number seeking work fell by nearly 50% in the same period.

Hatta said that, as a result of the sharp decline in employment, the country had faced the most severe fiscal consolidation in its history.

“Austerity cuts have come into force since last summer, and there has been a massive reduction in the public expenditure budget,” he added.

“With the economy being so weak, there are also cuts in spending on public services and on the social security system.”‘

Not an economic recovery’While the number who are unemployed has risen, Hata said the unemployment levels had remained high for the majority of the year.

“When the economy was doing really well, people were actually working harder and getting more money,” he told the AFP news agency.

“But that’s not the case now.

The unemployment rate is at its lowest level since the Great Depression.”

I would say that this is not an economic revival.

There is not a lot of new job creation.

“Hata also pointed out that the Japanese economy is already in the midst of a severe financial crisis, and the government should take action to reduce the amount of debt that the country has accumulated.”

To avoid a debt crisis, the government has to spend a lot more money.

If it is not done right, it is just going to create a vicious circle of debt and austerity measures,” he concluded.

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