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With Japan's Unemployment Rate At 21 Year Lows, "A Hidden Problem" Is Revealed
On the surface, Japan's economy should be soaring: just last night, Japan announced that its unemployment rate was 3% in July, better than expected, and the lowest rate since 1995. The number of employed women (28.3 million) and women’s labor participation rate (66.3 percent) rose to a record high in July. According to conventional economic theory, with Japan's unemployment rate below its long-run normal, the slack-free economy should have generous inflation, rising household spending, and vibrant growth. It has none of that, because aside from its unemployment rate, everything else in Japan's economy is a sheer ... (full story)