Japanese Unemployment Rate Declines

The drop in wages came even as the unemployment rate sank to 3.7 percent in June, the lowest in nine years, from 3.8 percent in May.

The job-to-applicant ratio, which shows how many positions are on offer to a job seeker, rose to 1.07 in June from 1.06 a month earlier.

The decline in wages may be masking a more positive picture. As higher-paid baby boomers over 60 years of age retire, companies are turning to younger, cheaper replacements, lowering average wages.

The jobless rate among females between 15 and 24 fell 2.1 percentage points to 5.8 percent, the Labor Ministry said. For males in the same age group, the rate declined 0.7 percentage point to 8.5 percent.

Average income in households of more than two people increased 7.6 percent in June, the fastest pace since June 1990, from a year earlier as companies paid higher bonuses, the statistics bureau said.

Japanese Unemployment Rate Declines

7/31/2007 5:15:24 AM