Jobless Rate Hits New High in Japan
TOKYO — Japan’s jobless rate shot up to yet another record high of 4.8% last month, as corporate restructuring efforts forced more people out of work, the government said today.
The latest figure sets a record after the jobless rate hit an all-time high of 4.6% in February.
“The unemployment situation is becoming increasingly severe. And it is our most important task to tackle the situation,†Chief Cabinet Secretary Hiromu Nonaka said.
Income for wage earners in the fiscal year ended March 31 fell 1.3% from the previous year--the biggest drop since the government started keeping records in 1970.
Jobs remain scarce and the situation is unlikely to improve soon, government officials say. The jobless data are likely to heighten pessimism about the nation’s economy.
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