Japan's jobless rate drops to 2.7% in February as job seekers stay put

Japan's jobless rate drops to 2.7% in February as job seekers stay put

by Pranali Mehta

Japan reportedly recorded a 2.7% drop in its unemployment rate for the month of February this year as the recurrence of the coronavirus outbreak prompted employees to stay at their current jobs rather than look for new ones.

Various government data from Japan's Ministry of Health, Labor, and Welfare revealed that the ratio of job availability improved for the second month in a row in February, rising to 1.21% from 1.20% in January. 121 job vacancies were recorded for every 100 job applicants.

As per the Ministry of Internal Affairs and Communications, the seasonally evaluated unemployment rate dropped 0.1% from January, when the state announced a COVID-19 quasi-state of emergency where bars and restaurants in some regions were told to close sooner due to the blowout of the extremely contagious Omicron variant.

In the reporting month, the COVID-19 quasi-emergency was extended to encompass most of the country's 47 prefectures, notably Osaka and Tokyo, affecting industries such as retail and wholesale.

From a year earlier, the number of individuals employed in the retail and wholesale industries fell by 460,000 to 10.54 million. In the education industry, which has seen many institutions close momentarily under the quasi-emergency, the number fell 200,000 on year, reaching 3.37 million.

According to the report, the total number of jobless people fell by 30,000 from the earlier month to 1.88 million in February, followed by a 40,000 increase in January.

Despite a drop in the jobless rate, a ministry official stated that the pandemic was still having an adverse impact on the general job market, citing the high number of employees who have been furloughed.

According to Megumi Wada, researcher, Daiwa Institute of Research, the unemployment rate is projected to improve in the future, driven by the lifting of the quasi-emergency last week as well as the notable progress of booster shots administration.

According to the most recent data, the overall number of individuals employed remained steady from the last month at 66.93 million

Source credit: https://japantoday.com/category/business/Japan's-jobless-rate-in-February-falls-to-2.7-

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...