Japan’s jobless rate rose while the availability of jobs declined in July, government data showed on Tuesday.
The seasonally adjusted unemployment rate was 2.9% in July, up from 2.8% in June, figures from the Ministry of Internal Affairs and Communications showed. The median forecast was 3.0%.
The jobs-to-applicants ratio slipped for the seventh straight month in July, falling to 1.08 from the previous month’s 1.11 to mark the lowest reading since April 2014, labour ministry data showed. The reading matched the median forecast.
Meanwhile, factory activity contracted at the slowest pace in six months in August, reducing some of the heat on policymakers pressured to take more radical steps to prevent the economy from sliding deeper into recession.
The world’s third-largest economy is expected to see a modest bounce in the current quarter after a record slump in April-June as new coronavirus cases keep a lid on consumer sentiment and slow the overall recovery.© Thomson Reuters 2020.