— Japan Feb Jobless Rate MNI Survey Median Forecast 4.9%
— Japan Govt: Feb Jobs Data Exclude 3 Quake-Hit Prefectures
— Japan Feb SA Jobs +370,000 M/M, 3rd Rise In Row; Jan +170,000
— Japan Feb SA Unemployed -190,000 M/M, 4th Drop In Row; Jan -20,000
— Japan Feb NSA Jobs +380,000 Y/Y, 1st Rise in 2 Month; Jan -90,000
— Japan Feb NSA Unemployed -240,000 Y/Y, 9th Drop Vs Jan -140,000

TOKYO (MNI) – Japan’s unemployment rate fell to a two-year low of
4.6% in February, down sharply from 4.9% in January, as job creation
posted the third straight month-on-month rise while unemployment marked
the fourth m/m drop in a row, data from the Ministry of Internal Affairs
and Communications showed on Tuesday.

The seasonally adjusted unemployment rate for February was sharply
lower than the median forecast for 4.9% in an MNI survey of economists.

But the ministry said the March 11 earthquake disrupted
transportation between Tokyo and northeastern areas, preventing it from
receiving data from the three prefectures that were hit hard by the
quake — Iwate, Miyagi and Fukushima.

The national average figures for February were calculated by
assuming that the employment conditions in the three prefectures, which
account for about 5% of the total samples, were the same as in other
regions, the ministry said.

The survey period was from Feb. 22 to Feb. 28.

Despite the sharp drop in the unemployment rate, the government
maintained its assessment, saying employment conditions are
“severe” because the number of the unemployed was still above three
million.

The average unemployment rates in 2010 stood at 5.1% in Iwate, 5.8%
in Miyagi and 5.1% in Fukushima while the national rate was at 5.1%,
ministry data showed.

The February 2011 jobless rate of 4.6% was the lowest since 4.5%
marked in February 2009. It was well below the record high of 5.5% seen
in July 2009, April 2003, August and June 2002, but still above the 4.3%
rate seen at the start of 2009.

In February, the number of payroll jobs jumped by a seasonally
adjusted 370,000 month-on-month, or 0.6%, to 63.06 million, showing the
third consecutive gain, after having risen 170,000 m/m in January and
110,000 m/m in December and fallen 270,000 in November.

On an unadjusted basis, the number of employed people surged by
380,000 to 62.23 million in February compared to a year earlier, marking
the first year-on-year rise in two months after falling 90,000 in
January and rising 50,000 in December.

In February, the number of unemployed fell by a seasonally adjusted
190,000 from the previous month, or 5.9%, to 3.03 million, posting the
fourth consecutive m/m drop, after falling 20,000 in January, 120,000 in
December and 10,000 in November.

The unadjusted number of jobless workers was down by 240,000 in
February from a year earlier at 3.00 million, marking the ninth
consecutive year-on-year decline, after falling 140,000 in January,
190,000 in December and 130,000 in November.

Job losses remained largely in manufacturing, construction and
farming as well as services.

Meanwhile, job creation was led by wholesale and retail trade,
accommodations, eating and drinking services, health care and welfare,
transport and postal activities as well as personal services and
amusement services.

Labor conditions have been improving gradually in line with a slow
economic recovery from the global recession in 2009.

But economists expect the unemployment rate to rise in the coming
months in the aftermath of the March 11 earthquake and tsunami.

Other details of the report follow:

The number of workers who retired or whose contracts expired:
February -40,000 y/y at 310,000 vs. January -10,000.

The number of those who lost their jobs and were looking for work:
February -280,000 y/y at 820,000 vs. January -200,000.

The number of people who quit their job voluntarily to look for
other openings: February unchanged y/y at 1.01 million vs. January
+60,000.

Separately, the Ministry of Health, Labor and Welfare said that the
ratio of job offers to job seekers at government placement offices stood
at a seasonally adjusted 0.62 in February, improving from 0.61 in
January (meaning there were 62 job offers for every 100 people looking
for work).

tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **

[TOPICS: M$J$$$,M$A$$$,MAJDS$,MT$$$$]