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Japan's jobless rate declines


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Japan's jobless rate drops
STORY HIGHLIGHTS
  • Japan's unemployment rate fell to 5.3 percent in September
  • Unemployment in Japan had hit 5.7 percent in July, the highest on record
  • Joblessness in the world's second largest economy had been rising steadily
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(CNN) -- Japan's unemployment rate fell to 5.3 percent in September, the government reported on Friday.

Unemployment in Japan had hit 5.7 percent in July, the highest on record since World War II. The announcement this morning was better than expectations -- analysts anticipated unemployment would be 5.6 percent.

Joblessness in the world's second largest economy had been rising steadily this year, from 4.8 percent in March.

The data was good news for the young government of Yukio Hatoyama, whose Democratic Party of Japan rode into office after a string of bad economic news helped loosen the Liberal Democratic Party's nearly 50-year grip in Japanese politics.

Japan's core consumer price index fell 2.3 percent, continuing its steady decline this year.

Japan, with its export-driven economy, has been among the hardest hit by the global recession. Japan's GDP grew 3.7 percent on an annual basis in April to June, reversing the worst recession for Japan since the World War II.