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S. Korea’s jobless rate rises in Aug., sluggish job creation continues

September 11, 2018

SEJONG, Sept. 12 (Yonhap) — South Korea’s jobless rate rose slightly in August due to a fall in employment in the retail and manufacturing sectors, with poorer-than-expected job creation showing no signs of a letup, government data showed Wednesday.

The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, according to the report compiled by Statistics Korea.

The number of employed people reached 26.9 million in August, up 3,000 from the same month in 2017, according to the data.

The unemployment rate for young adults — those aged between 15 and 29 — was 10 percent, up 0.6 percentage point from the previous year.

The employment rate stood at 66.5 percent in August, down 0.3 percentage point from a year earlier, with the corresponding figure for young people at 42.9 percent, up 0.2 percentage point over the cited period.

Jobseekers look at recruitment notices during a job fair of foreign-invested companies at a convention center in Seoul on June 14, 2018, in this file photo. (Yonhap)

Jobseekers look at recruitment notices during a job fair of foreign-invested companies at a convention center in Seoul on June 14, 2018, in this file photo. (Yonhap)