Comparing Japanese, Chinese, and American Economies

Comparing Japanese, Chinese, and American Economies

According to the Labor Ministry, Japan is currently in a deep economic crisis with numerous job losses. The average unemployment rate is 4.1 percent with the lowest being 3.8 percent and the highest as 4.4 percent. With the unemployment rate increasing, household spending fell down 4.6 percent from its normal high, and that caused exports to drop as well because people did not want to spend the little money they had. Because the number of exports dropped, 400,000 workers will be out of their jobs by the end of March. Continuing the chain of unfortunate downfall, university graduates who find jobs also dropped a whopping 81 percent, as well as the number of job advertisements that came down to about 29 percent. With no jobs being available to workers, the Law Ministry has decided to come up with ideas to try and attempt to save their failing economy, because soon it will cease to exist.
China’s situation is a little different than Japan’s, as written in Human Resources and China Daily. China’s average unemployment rate is 4.2 percent, with the number of jobless people increasing. Last year the number of registered jobless people traveled to 8.86 million, 560,000 more than there were previously. The number of people without jobs grew because of the unexpected close of 670,000 factories, obviously causing great damage to the working economy. This year of university graduates is expected to bring 7.1 million new people to the job list, adding to the pile of people that are already jobless. The problem with the economy in China is that there are not enough jobs to provide the country with a good amount of stability, and instead there is just increasing debt and homeless people.
Compared to both Japan and China, the United States has the worst economic situation according to the Bureau of Labor Statistics and CNN. The unemployment rate rose from 7.6 percent to 8.1 percent, which is significantly higher than China’s highest 4.4 percent. Unlike any other...

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