Tuesday, March 31, 2009

Japan's Unemployment rate 4.4 percent in February

TOKYO, Japan (CNN) -- Japan's unemployment rate jumped to 4.4 percent in February, reversing a decline seen the previous month, the government announced Tuesday.

Japanese unemployment, had declined to 4.1 percent in January from 4.3 percent in December. Several analysts considered that a fluke, however, since other economic indicators were in sharp retreat.

The ratio of jobs to applicants fell in February to 0.59, meaning an average of 100 people were seeking 59 available jobs, according to new data.

By comparison, January's figure was 0.67, making February's decline the worst month-to-month drop since 1974.

In addition, household spending fell 3.5 percent from the previous February but was a slight improvement from January's 5.9 percent decline. Consumer spending on furniture, clothing, medical care and food were the sharpest declin

Tuesday is the end of the Japanese fiscal year. Analysts say that is likely to mean more job cuts and more unemployment.

Japan's economy officially entered a recession in November.
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