Japan's Unemployment Rate Hits Record High 5.0 Percent in JulyJapan's seasonally adjusted unemployment rate hit a record high of 5.0 percent in July, up 0.1 percentage point from the previous month, amid the economy's downswing and structural change, according to data released Tuesday by Japanese ministries.It is the highest jobless figure since the Japanese government began reporting monthly jobless rates in 1953, forcing the government to downgrade its view on the job situation for the first time in five months. The 5.0 percent level also forced the government to invoke nationwide over a six-month period from Wednesday its 60 billion yen (500 million dollars) emergency fund to subsidize companies hiring workers aged 45 to 59, the Ministry of Health, Labor and Welfare said. "The current employment and jobless situation is increasing its severity, such as marking a record unemployment rate," the ministry said. The jobless rate for men hit a record 5.2 percent, while that for women was 4.7 percent, with both increasing 0.1 percentage point, the Ministry of Public Management, Home Affairs, Posts and Telecommunications said. The number of people out of work increased 230,000, or 7.5 percent, from a year before to 3.3 million, up for the fourth month in a row. After seasonal adjustments, the figure comes to 3. 38 million, also the highest ever. The ratio of job offers to seekers lost 0.1 point from the previous month to a seasonally adjusted 0.60, its lowest level in a year due to a large increase in new job seekers, the labor ministry said. The figure means that there were only 60 job offers for every 100 job seekers. Overall jobholders, including self-employed, decreased by 370, 000 from a year earlier to 64.52 million for the fourth successive monthly decline. To tackle the severe unemployment situation, the Japanese government decided Monday to compile a supplementary budget for fiscal 2001 focusing on comprehensive employment policies. |
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