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JAPAN DATA: August Jobs Data Mixed, U/E Rate Back Close To Cycle Lows

JAPAN DATA
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Japan's August labour market data was mixed, with the job to applicant ratio ticking down to 1.23, from 1.24 prior (which was also the consensus expectation). This indicates the trend remains skewed towards a softer a labour market trend. Total applicants were flat in the month in y/y terms, while job offers fell to -4.5% y/y. 

  • The employment rate still ticked down though, suggesting reasonably tight labour market conditions persist. At 2.5% the unemployment rate is close to recent cycle lows (2.4% at the start of this year).
  • The number of people employed rose 250k in m/m terms for August, offsetting the -200k dip in July. In y/y terms the number of employed were up 0.6%, so this offsets the softer job to applicant figures to some degree. 
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Japan's August labour market data was mixed, with the job to applicant ratio ticking down to 1.23, from 1.24 prior (which was also the consensus expectation). This indicates the trend remains skewed towards a softer a labour market trend. Total applicants were flat in the month in y/y terms, while job offers fell to -4.5% y/y. 

  • The employment rate still ticked down though, suggesting reasonably tight labour market conditions persist. At 2.5% the unemployment rate is close to recent cycle lows (2.4% at the start of this year).
  • The number of people employed rose 250k in m/m terms for August, offsetting the -200k dip in July. In y/y terms the number of employed were up 0.6%, so this offsets the softer job to applicant figures to some degree.