Japan Unemployment Rate at 2-Year Low

Japan’s unemployment rate declined in March to its lowest level in two years as an easing of a COVID-19 wave allowed the government to lift restrictions.

Japan’s monthly jobless rate inched down to 2.6 percent in March, the ministry of internal affairs reported Tuesday. Analysts expected it to hold at 2.7 percent.

Adjusted for seasonality, the number of workers in the labor force increased by 180,000 while the jobless were 90,000 less in March than the month before.

“The drop in unemployment rate indicates signs of recovery” in the labor market, a government official told reporters. “But the impact of the pandemic appears to be lingering and requires close attention.”

The number of furloughed workers in March remained high in March at 2.43 million.

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