Aug 19 (Japan Times) - On paper, the nation's low unemployment rate suggests an economy weathering the novel coronavirus reasonably well, but official figures belie worsening prospects for the country’s army of temporary workers, who make up about 40 percent of the employment market.
A rise in job losses would undermine one of the few successes of Prime Minister Shinzo Abe’s “Abenomics” stimulus policies, which has been aimed at reviving the economy.
The jobless rate stood at 2.8 percent in June, much lower than the 10.2 percent seen in the United States and the 7.8 percent in the 19-member eurozone.
But a closer look at data shows a rising number of people are dropping out of the search for work. That prevents the official jobless rate — the ratio of job seekers who are yet to secure employment — from rising much.
About 2.4 million furloughed workers are currently being kept on payrolls backed by state subsidies, which the government is seeking to extend beyond their current expiration at the end of September.
