Tuesday, June 30, 2009

Five-Year High for Japan's Jobless Rate

Japan unemployment rate reached its five-year high in May, while household spending performed a rise as the government distributed cash to help the economy growth. According to the statistics bureau, the jobless rate gained 0.2 percent reaching a high 5.2 percent from 5 percent in April.

Japan`s household spending rose 0.3 percent, the first rise in a year and a half. Economists expected outlays to drop 1.5 percent. Takuji Aida, senior Japan analyst at UBS AG in Tokyo stated that the effects of the Japanese policy are already observed and the stimulus package will only have a large effect in the April-June quarter.

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