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Unemployment up, spending down New figures Oct. 31 showed that the economic comeback may have lost momentum, with a tick up in September's jobless rate and the ninth straight decline in household spending. The central bank kept interest rates unchanged. The unemployment rate rose to 4.2 percent in September, up from 4.1 percent posted in August. Meanwhile, spending by households headed by wage-earners fell by a bigger-than-expected 6.6 percent from last year, indicating personal consumption remains fragile. The Bank of Japan released its semiannual report on the same day and said was keeping its benchmark interest rate unchanged at 0.25 percent, as expected. The central bank lifted that interest rate in July for the first time in six years, saying that healthy growth was firmly rooted.
The Japan Times Weekly: Nov. 4, 2006 |
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