Washington, DC, United States (4E) – The unemployment rate in Japan climbed to 3.8 percent in July, slightly up from June’s 3.7 percent, according to government data released Friday.
The figure was short of economists’ forecast for 3.7 percent, similar as the previous month’s reading. The rate of unemployment had dropped to 3.5 percent in May, the lowest level since 1997.
The ratio for job to applicants was 1.10, which remained flat and in line with estimates. Meanwhile, the participation rate fell to 59.6, compared to 59.9 in the prior month.
The increase in joblessness is a sign that more people have applied for work as they see an improving job market, resulting to higher number of job seekers that increases the unemployment rate.
The number of people that are unemployed in July stood at 2.48 million, down by 70,000 or 2.7 percent from a year ago. The number of people that are employed in the same month was 63.57 million, a gain of 460,000 or 0.7 percent from the previous year.