Keeping with the inflation report for May which beat forecasts, Japanese unemployment and household spending data for May has also topped expectations.
Having fallen to a multi-decade low in April, the national unemployment rate held steady at 3.3%, in line with expectations.
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While it too was steady, the jobs-to-applicants ratio — a measure on the number of job openings compared to actual job seekers — rose to 1.19 from 1.17 in April. The figure was the highest level recorded since March 1992.
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Continuing the positive economic trend household spending rose strongly in the year to May. Spending jumped 4.8%, up from a decline of 1.3% in April, with the increase topping forecasts for growth of 3.4%. It was also the first time since March 2014, right before the government’s sales tax increase, that a positive reading had been recorded.
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