Japan’s Labor Market is Booming; Employers Face Labor Glitch
Some think that growth in Japan may be almost non-existent, especially with its failure to meet its inflation target in the recent past. But things have changed now as the labor market in Japan is simply sizzling with the employers struggling to cope up with a severe labor shortage that has been seen in last twenty five years.
The unemployment rate in the third largest economy of the world sank to a twenty year low of 3.1 percent in October. There was a gain in the overall monthly earnings gained for a fourth consecutive month.
It's been considered as a big development when Japan's frantic efforts to push inflation above its two percent target in recent times is considered.
The most recent Tankan Survey for the fourth quarter revealed a solid growth in the non-manufacturing sector of the nation. Peeking into the details gives a clearer idea about where the main growth comes from.
It is mainly attributed to construction and real estate especially connected to the now booming property market of Tokyo. According to some, a part of the growth is related to Tokyo Olympics in 2020 but other connect it to an array of other factors like super low interest rates, plenty of cash and strong demand from the Chinese buyers.
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