to the level seen at the start of 2020, services consumption has been slow to pick up, due in part to the impact of the resurgence of covid - 19. given uncertainty as to when the pandemic will subside, consumption will likely remain weak for some time. chart 5 real consumption cy 2019 = 100 104. 6 98. 2 93. 3 87. 3 cy2013 durable goods non - durable goods services overall ( consumption activity index, real ) source : bank of japan, " consumption activity index. " let us take a closer look at developments in the employment situation, which underpin private consumption. as presented in the left panel of chart 6, the unemployment rate, after having climbed to 3. 1 percent, improved slightly to 2. 9 percent ; however, the rate remains at a high level compared with that prior to the covid - 19 outbreak. to examine in more detail changes in the number of employed persons, chart 7 compares the number of employed persons by gender and age group between the average for the 2013 - 2019 period and the total for 2020, with the latter reflecting the impact of covid - 19. the chart reveals that, for each age group, in 2020 the number of employed persons started to trend downward. this is primarily attributed to the decrease in the number of non - regular employees, with the younger generations and women exhibiting significant changes. yet, for women aged 25 - 64, there was an increase in the number of regular employees, despite the extent of the decrease in the number of non - regular employees. as can be seen in the right panel of chart 6, the year - onyear rate of change in nominal wages has been negative since april 2020. in particular, it saw a larger decline again at the end of 2020, primarily reflecting a decrease in special cash earnings ; how this will affect future consumption is a matter of concern. chart 6 labor market conditions unemployment rate nominal wages and labor force participation rate % % y / y % chg. 61 - 1 60 - 2 unemployment rate ( left scale ) 58 - 4 source : ministry of internal affairs and communications, " labour force survey ( basic tabulation ). " chart 7 special cash earnings total cash earnings labor force participation rate ( right scale ) cy85 1985 90 contractual cash earnings 59 - 3 cy 16 2016 changes in number of employed persons female 10, 000 persons 10, 000 persons - 20 - 10 - 40 - 20 - 30 note : figures are based on continuing observations following

technology advances, the risk of technology abuse will increase, and vigilance is therefore essential to maintain security. i will be following with great interest how technological innovations in finance - - so - called fintech - will contribute to financial inclusion for senior citizens. concluding remarks one realistic option to ensure a comfortable living in later life is to continue working as long as possible. 6 professor lynda gratton, 7 who is here today as a speaker in the next session, argues that we can now look forward to a 100 - year life, living and working much longer. in such a society, the idea of a traditional three - stage work - life model - - first education, then work, and finally retirement - - will become outdated, and a multi - stage model - - undergoing many life and career transitions - - will become the new standard. in this regard, the japanese government is promoting working - style reforms that also take longevity into consideration. in light of these changes and challenges, the bank of japan is working to support the development of sound financial services by, for example, improving financial literacy through the activities of the ccfsi, and promoting fintech, so that everyone can use financial services with confidence, even in an aging society. thank you for your kind attention. according to the annual report on the ageing society : 2018 released by the cabinet office, about 40 percent of working people aged 60 or over answered that they would like to work " till anytime as long as i can work. " when adding those who answered they would like to work " till almost 70, " " till almost 75, " and " till almost 80, " about 80 percent of the respondents were very eager to work even in their old age. 7 professor of management practice at london business school. co - author of : lynda gratton and andrew scott, " the 100 - year life - - living and working in an age of longevity. " ( london : bloomsbury publishing, 2016 ).