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Economic and Labour Situation in Japan (November 2015)

Industrial Production
Industrial production is fluctuating indecisively. In September industrial production rose by 1.0% over the previous month, registering an increase for the first time in three months and up 0.9% year-on-year. The index in September was 97.3 (seasonally adjusted).
Industries that mainly contributed to the increase were as follows: (1) chemicals (excl. drugs), (2) electronic parts and devices, and (3) electrical machinery, in that order.
According to the Survey of Production Forecast in Manufacturing, production was expected to increase by 4.1% in October and decrease by 0.3% in November.

Family Income and Expenditure Survey in September
(1) Expenditure for Two-or-More-Person Households
The average monthly consumption expenditure per two-or-more-person household in September was 274,309 yen, down 0.3% in nominal terms and down 0.4% in real terms year-on-year.

(2) Income and Expenditure for Workers' Households
The average monthly income per household stood at 415,467 yen, down 1.5% in nominal terms and down 1.6% in real terms year-on-year.
The average consumption expenditure was 298,733 yen, down 1.6% in nominal terms and down 1.7% in real terms year-on-year.

*Figures were deflated by all items CPI less imputed rent.

Labour Force Survey Monthly Results
The employment situation is on a recovery trend.
(1) Employment
The number of employed persons in September was 64.39 million, an increase of 370,000, or 0.6%, over the previous year.

(2) Unemployment
The number of unemployed persons in September was 2.27 million, a decrease of 60,000, or 2.6%, from the same month in the previous year.
The seasonally adjusted unemployment rate in September was 3.4%, the same level as the previous month. The unemployment rates for men and women were 3.6% and 3.1%, respectively.

(10,000 persons)
  September figures Change from previous year
Population aged 15 years or over 11,080 -4 0.0
Labour force 6,665 30 0.5
Employed persons 6,439 37 0.6
Employees 5,687 51 0.9
Unemployed persons 227 -6 -2.6
Not in labour force 4,408 -36 -0.8
Labour force participation rate (%) 60.2 0.3
Employment rate (%) 58.1 0.3
Unemployment rate, original series (%) 3.4 -0.1
  Current month Change from previous month
Unemployment rate, seasonally adjusted (%) 3.4 0.0

Japan's job availability in September improved to reach the best level in 23 years and 8 months, with the ratio of job offers to jobseekers standing at 1.24. This reflects the willingness of companies to hire more employees. The figure means that there were 124 jobs available for every 100 jobseekers.

Consumer Prices
The consumer price index in September was 103.9 (2010 = 100), up 0.1 point over the previous month and the same level as in the same month of the previous year.

September 2015
Index Monthly
change (%)
change (%)
All items 103.9 0.1 0.0
All items, less fresh food 103.4 0.0 -0.1
All items, less food (less alcoholic beverages) and energy 101.6 0.1 0.9
All items, less imputed rent 105.0 0.1 0.1
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