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Japan's Jobless Rate Sets Record

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Japan's Jobless Rate Sets Record

by John Tanner, 28 August 2009
topics:
Global economic crisis
tags:
double dip recession unemployment
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Here we go again. Nouriel Roubini and other economists who warn of a double dip recession will have their case strengthened with the latest news that Japan’s unemployment rate jumped to a record 5.7% in July and that consumer prices fell 2.2% from a year earlier.
 
According to Bloomberg, the jobless rate is the highest it has ever been since the government started collecting data in 1953. The economy appeared to emerge from recession in the second of this year, but the new data is casting doubt on the sustainability of the recovery.
 
Economists say the incipient recovery is being driven by the government’s massive stimulus spending, but it is not clear what will replace that driver when the money runs out.
 
The election on August 30 is fueling more uncertainty. The opposition Democratic Party of Japan is tipped to take control of Parliament. The DPJ has promised to cut government spending and make changes to the stimulus package.
 
All this is one more headache for companies in Japan. Toyota, the country’s largest automaker, has said it will shut down a domestic assembly line. Japan Airlines may cut 5,000 jobs in three years, reports Bloomberg.
 
CFOs in Japan and the rest of Asia must now factor in the risk of a double dip global recession in their planning, if they haven’t done so already. Those green shoots of recovery may yet turn out to be nothing but yellow weeds.  

 

Original Article URL: 
Japan Jobless Rate Hits Record in Blow to Aso on Election Eve
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