MNI Survey: Japan Oct Jobless Rate Seen Unchanged at 4.1%

Author: Market News International | Category: News

— See Separate Table For Details of Individual Forecasts

TOKYO (MNI) – Japan’s seasonally adjusted unemployment rate is
forecast to have stood at 4.1% in October, unchanged from September,
while the ratio of job offers to seekers is seen improving to 0.68 in
October from 0.67 in the previous month, according to the median
forecasts of analysts surveyed by Market News International.

The Ministry of Internal Affairs and Communications will release
the unemployment rate while the Ministry of Health, Labor and Welfare
will release the ratio of job offers to job seekers, both at 0830 JST on
Tuesday, Nov. 29 (2330 GMT Monday).

In September, the national average unemployment rate fell further
to 4.1% in September from 4.3% in August as the number of employed
increased from the previous month.

But economists said the surprisingly lower jobless rate in
September did not necessarily indicate better economic conditions.

Kyohei Morita, chief economist at Barclays Capital, said the fall
in the jobless rate was because many workers gave up looking for work
and moved out of the labor market.

Of the population aged 15 years or older, those who are not in the
labor force rose 850,000 on year to 44.80 million in September, posting
the largest y/y gain since +950,000 in June 2004.

By contrast, the labor force shrank by 980,000 on year to 65.51
million in September.

In October, the ratio of job offers to seekers, which is seen as a
coincident indicator of the economy, is expected to have posted the
highest figure since 0.70 marked in December 2008.

skodama@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4838 **

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