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Unemployment Rate Back To Early 2020 Lows, New Job-To-Applicant Ratio Ticks Up

JAPAN DATA
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Japan's Jan jobless rate and job-to-applicant ratio were in line with market expectations. The jobless rate printing at 2.4% (which was down from a revised 2.5% in Dec last year). This lows back in the unemployment rate back to early 2020. The job-to-applicant ratio at 1.27 was in line with the prior outcome.

  • The participation rate was 62.6%, versus 62.8% in Dec. The number of employed fell by 30k in the month, while those unemployed rose by 130k.
  • The chart below overlays the jobless rate and the job-to-applicant ratio (which is inverted on the chart). We are seeing some modest divergence, although the job-to-applicant ratio has stabilized in recent months.
  • Also note the new job-to-applicant ratio rose to 2.28 from 2.25 in Dec, the first improvement since August last year.
  • Overall, labor market conditions suggest tightness, while BoJ Governor Ueda reiterated the importance of current wage negotiations in driving a sustainable wage/inflation cycle and aiding a consumer spending recovery in H2.

Fig 1: Japan Unemployment Rate & Job To Applicant Ratio (Inverted)

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Japan's Jan jobless rate and job-to-applicant ratio were in line with market expectations. The jobless rate printing at 2.4% (which was down from a revised 2.5% in Dec last year). This lows back in the unemployment rate back to early 2020. The job-to-applicant ratio at 1.27 was in line with the prior outcome.

  • The participation rate was 62.6%, versus 62.8% in Dec. The number of employed fell by 30k in the month, while those unemployed rose by 130k.
  • The chart below overlays the jobless rate and the job-to-applicant ratio (which is inverted on the chart). We are seeing some modest divergence, although the job-to-applicant ratio has stabilized in recent months.
  • Also note the new job-to-applicant ratio rose to 2.28 from 2.25 in Dec, the first improvement since August last year.
  • Overall, labor market conditions suggest tightness, while BoJ Governor Ueda reiterated the importance of current wage negotiations in driving a sustainable wage/inflation cycle and aiding a consumer spending recovery in H2.

Fig 1: Japan Unemployment Rate & Job To Applicant Ratio (Inverted)

Keep reading...Show less