Unemployment rates in Japan plummeted to 2.5% in April, and job creation increased, government data showed on Tuesday. The turnover rate for the applicants was 1.23 in April, according to the Department of Labor, in line with Reuters voting forecast and an increase of 0.01 points from 1.22 last month.
Unemployment rates in Japan plummeted in March to a record low over a two-year period as lowering Covid-19 limits helped the labor market inch closer to pre-epidemic levels.Unemployment has dropped to 2.6% as the number of unemployed has increased by 180,000 since February, the Interior Ministry said on Tuesday. Analysts expected the unemployment rate to remain stable at 2.7%.
A separate report gave a similar encouraging impression on employment, as job outspoped applicants by a higher number than in February. The data is a leading indicator of labor market trends and shows that there are 122 jobs offered in March for every 100 applicants, compared to 121 last month. Employment statistics suggest that a drop in the number of omicron-variant cases and the lifting of restrictive measures helped boost the labor market, as the economy expanded in the first quarter. The decline in the unemployment rate was close to 2.4% of those who entered early 2020 before the epidemic hit the economy.
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