Japanese companies continue to face severe labor shortages, with job availability improving further in June to the tightest level in over four decades while the unemployment rate declined, government data showed Friday.
The seasonally adjusted job availability rate improved to 1.51 from 1.49 in May, marking the highest level since February 1974, according to the Ministry of Health, Labor and Welfare. The rate indicates that 151 positions were available for every 100 job seekers.
In a fresh sign that labor is in short supply, the seasonally adjusted job-to-applicant ratio for regular workers stood at 1.01, rising above 1 for the first time since comparable data became available in 2004 and suggesting potential for future wage growth.