"There are some bright spots here and there, but overall, the economy remains weak and we can't be optimistic"
- Japanese Cabinet Office
The overall unemployment rate in Japan edged down in November, however, the availability of jobs was unchanged, a sign that employers are still cautious on hiring amid severe economic conditions. The labour ministry said that jobless rate stood at 4.1% last month, down from 4.2% in the previous month, totalling 2.60 million people, down 210,000 or 7.5% from a year ago. At the same time, the number of new job offers rose only 0.1% from a month ago, while on a yearly basis, they were 8.4% higher. Despite the improvement, the overall economic situation in the country remains gloomy, as Japan's economy slipped into its fourth recession since 2000.
"There are some bright spots here and there, but overall, the economy remains weak and we can't be optimistic," a Cabinet Office official in charge of compiling the report said in a cautious assessment of the world's third-largest economy.
"Japan's economy can emerge from recession in the first quarter as consumer spending and exports are expected to pick up," said Yasuo Yamamoto, senior economist at Mizuho Research Institute. "But in order for growth to accelerate even further, capital expenditure needs to improve. Unfortunately, capital expenditure is likely to remain weak."
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