Job market remains on a wobbly footing, with exports dropping by the double-digits. FMTNews SouthKorea Unemployment
SEOUL: South Korea’s jobless rate ticked higher for a third month, an unexpected outcome that illustrates the challenge of boosting hiring in an economy struggling with slumping exports and weak investment.
The unemployment rate climbed to 3.6% in November, seasonally adjusted data from the statistics office showed Wednesday.The jobless figure has climbed for three months since hitting a six-year-low of 3.1% in August. Wednesday’s report shows South Korea’s job market remains on a wobbly footing, with exports dropping by double-digits most months this year and the economy headed for its slowest annual growth since the global financial crisis.The number reflected government social welfare programmes, which focus on providing part-time employment for older people who’ve already retired from full-time jobs, according to Sung Tae-yoon, an economics professor at Seoul’s Yonsei University.
“The actual picture of employment still looks tough, given government spending has led job creation toward the end of the year,” Sung said.
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