For the third consecutive month, the rate of unemployment in Japan fell, indicating that the worst time for the labor market might be over. As per Tokyo's statistics bureau, October recorded a jobless rate of 5.1%, beating the forecast pegged by 26 analysts surveyed by Bloomberg News, who had predicted a 5.4% rise. Since hitting its highest number of 5.7% in July, Japan's unemployment rate has been slowly declining, delighting the country's authorities.

"Two months of improvements can’t tell you very much, but a third consecutive improvement paints a clear trend”, said Masamichi Adachi, senior economist at JPMorgan Chase & Co. in Tokyo. “The world economy is clearly recovering, which means we won’t see the kind of aggressive job cuts like before even if we still won’t see a lot of hiring either".

Over 200 Trillion Yen ($230 Billion) worth of increase in spending over the past few months helped Japan's economy expand for the second consecutive quarter for the period of July- September for the current year. The Government has also been credited with putting in huge efforts to support workers and corporations. Household spending for the period also recorded a
1.6% growth compared to the same time last year.

Overall, figures shared by the Internal Affairs Ministry revealed that while the unemployment rate for men had dropped from 5.6% recorded in September to 5.3% in October, the same for women dropped from an earlier figure of 4.9% to 4.8%.