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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (1620)	4/30/1999 10:55:00 PM
From: porcupine --''''>	Read Replies (2) \| Respond to of 1722

Japan's Jobless Rate Hits Record TOKYO (AP) _ Corporate restructuring efforts helped send Japan's jobless rate to yet another record high of 4.8 percent last month. The latest government unemployment rate figure reported today topped the previous all-time high of 4.6 percent set in February. Jobs remain scarce and the situation is unlikely to improve soon, government officials say. The jobless data are likely to heighten pessimism about the nation's economy, which could further hurt chances for a turnaround as worried consumers curtail spending. Lackluster consumer spending is a major reason the Japanese economy has not been able to rescue itself. Many companies are under pressure to trim workers because of Japan's economic slump. ''The unemployment situation is becoming increasingly severe. And it is our most important task to tackle the situation,'' Chief Cabinet Secretary Hiromu Nonaka told reporters. The results sent the major barometer of the Tokyo Stock Exchange falling. The benchmark 225-issue Nikkei Stock Average shed 240.71 points, or 1.42 percent, closing the week at 16,701.53 points. Those out of work reached a record 3.39 million in March, while those employed fell by 840,000 from a year earlier to 63.84 million _ the 14th straight month of declines. Income for wage earners in the fiscal year ended March 31 fell 1.3 person from the previous year _ the biggest drop since the government started keeping records in 1970. The government found that spending fell 0.9 percent on the year in the fiscal year ended March 31, after dropping 2.3 percent in fiscal 1998. Spending by Japanese wage earners in March averaged $3,100, down 3.6 percent from a year ago, the agency said. Also today, the government said that there were only 88 new jobs per 100 job-seekers for March. That was down from the figure a year ago of 96 new job offers per 100 job-seekers. The Labor Ministry also said there were 49 job offers for every 100 people looking for jobs last month. Job offers plunged compared to the previous year in most sectors, including manufacturing and construction, the Labor Ministry said. By age, unemployment was especially serious for youngsters, surging to 11.7 percent last month for those between the ages of 15 and 24, up 1.8 percentage points from the same month a year ago.