March 1st, 2019

Japan Unemployment Rate

When you think it cannot fall anymore, it does.

Published monthly by the Ministry of Internal Affairs and Communication. Updated to the month of January 2019 (published on March 1st, 2019).

Recent data trend:

In May 2018, the unemployment rate in Japan fell to 2.2%, the lowest rate since August 1992. Japan is either at or very close to a full-employment economy where unemployment exists not from the lack of demand for labor but from the natural and unavoidable friction or mismatch in the demand and supply of labor. New job offers to applicant ratio, another key indicator in Japan to measure the tightness of the labor demand/supply was 2.34 in May, signifying that there are 2.34 new job postings ...

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Brief Overview of "Unemployment Rate"

The unemployment rate is the ratio of unemployed to the total working population. One needs to be actively searching for work to be recognized as an unemployed. Japanese unemployment rate has been one of the lowest among OECD countries alongside South Korea and Norway. NAIRU, the Non-Accelerating-Inflation-Rate of Unemployment rate, was considered to lie between 3.5% and 4.5% in Japan. As the current unemployment rate is already below the lower range of the NAIRU, the unemployment rate gap, the difference between NAIRU and the actual unemployment rate, should be exerting an upward pressure to wage inflation. Evidently, though, the gap must be a very weak factor for the determination of wage inflation dynamics in Japan.

For more information, visit the official government page

Source: MIAC, JMA.

Note: Seasonally adjusted labor participation rate is calculated by dividing the seasonally adjusted labor force by population of 15 years old and over.

The Next Release Date: March 29th, 2019

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