Japans unemployment rate drops 2.8 pct to 22-year low, household spending slumps 3.8 pct.

Japans unemployment rate dropped to 2.8 percent in February from a month earlier, marking a 22 year low, government data released on Friday showed.

Separate data from the Ministry of Health, Labor and Welfare showed that the job availability in Japan stood at 1.43 in February, unchanged from January, with the figure meaning that for every 100 jobs seekers there were 143 positions available.

The latest jobs-to-seekers ratio marks the best reading since July 1991, the data showed and comes at a time of moderate economic recovery although a lack of series growth drivers remain elusive as the population continues to age and simultaneously shrink.

The unemployment rate for men retreated 0.1 point to 3.0 percent and the rate for women remained unchanged in the recording period at 2.7 percent.

The number of unemployed people, however, slumped 4.0 percent on a seasonally adjusted basis, or by 80,000 people, to stand at 1.90 million.

Japan in the recording period had 64.83 million workers in gainful employment, dropping 0.3 percent from a month earlier, the government data showed.

The government has been actively calling on firms here to increase wages to stimulate the market by increased consumer spending, but companies have been cagey about this owing to murky outlooks for growth and profits amid broader economic concerns.

Such concerns include U.S. President Donald Trumps difficulties in making smooth progress with his promised business policies, as well as Britains decision to leave the European Union, the official proceedings of which were officially triggered recently.

Against this backdrop of a largely stagnant economy, Japanese consumers have been reluctant to spend, with household spending, a key indicator of private consumption, dropping 3.8 percent in February from a year earlier to 260,644 yen (2,300 U.S. dollars), according to the Ministry of Internal Affairs and Communications. Endit