Unemployment rate in October was record 5.4 percent

The unemployment rate for October was a record 5.4 percent. Men's
unemployment rate was 5.8 percent.

The number of unemployed in October was 3.52 million, an increase for
seven months in a row.

By contrast, the number of job holders declined for seven straight
months. In October it fell more than one million. Such a big loss in a month
is the first since the oil shock in 1974. Clearly, employment is shrinking.

Prime Minister Koizumi Jun'ichiro, however, took the figure as
acceptable, saying, "In the course of the progress of 'structural reform,'
the unemployment rate will rise for a time."

Imai Takashi, Federation of Economic Organizations (Keidanren) president
said that the high unemployment rate does not mean that the Koizumi Cabinet
policy is wrong, and added that no effort should be made to reduce
unemployment.

These two statements show that both political and business circles are
well aware that their "structural policy" is to blame for the increase in
joblessness, but are still determined to carry out the policy.

The nation's two major national trade union centers commented as follows:

The National Confederation of Trade Unions (Zenroren) Secretary General
Mitsuo Bannai said, "The major cause is the restructuring which major
corporations are carrying out to secure their profits. The government must
stop encouraging their restructuring and writing off bad loans held by major
banks."

The Japanese Trade Union Confederation (Rengo) Secretary General Kusano
Tadayoshi stated,"We are terrified at the continually rising unemployment
rate. The government must now take powerful measures to boost jobs." (end)