Japan jobless rate hits new high

Source: BBC


Japan jobless rate hits new high

By Roland Buerk
BBC News, Tokyo


Japan's jobless rate hit a record 5.7% in July and consumer prices fell at a record pace, figures released days before a general election have shown. Companies are continuing to lay off workers even though the economy has returned to growth after the most bruising recession for decades.

The state of Japan's economy is the key issue in the election campaign. Opinion polls show that the governing Liberal Democratic Party faces defeat in the election.

It has held power for 53 of the past 54 years.

Recovery doubts

In July, 3,590,000 Japanese were out of work in July, over a million more than a year ago.

Japan's economy grew by 0.9% between April and June, but the latest figures cast doubt on the strength of the recovery.

"The recent growth was mainly due to government spending and was not a self-sustaining recovery in the Japanese economy," said Hiroshi Watanabe at Mizuho Investors Securties.

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Read more: http://news.bbc.co.uk/2/hi/business/8225885.stm

whats the blockage? Whatever it is....2 to 1 odds...its political....

Let em eat Beef.... American Beef!:bounce:

Japan is financing US debt to a tune only outpaced by China. US beef--is that stuff safe to eat yet?

Japan is set to recover in the next couple of years, whereas the US is not likely to fare as well. I see signs of economic improvement in my neck of the woods here in Japan. It's not easy street by a longshot but it looks like the hard work of the last few years has paid off over here.

You know, this whole 'jobless' recovery meme that has emerged from the black bowels of the Bush Cabal is a whopping load of crap. Your economy doesn't go anywhere unless the people participating in that economy have a means of production (a job).

The rest is just smoke, mirrors and voodoo economics.

Uh, yeah, you're still out of work, but, uh, it's still a recovery, see...

Wow, and that was enough to take the LDP out of power.