ZCZC
BCN-43
S.KOREA-UNEMPLOYMENT-RATE
S.Korea posts highest October jobless rate in 13 years
SEOUL, Nov. 14, 2018 (BSS/Xinhua) – South Korea posted the highest October
jobless rate in 13 years, indicating the worsened labor market conditions
would last for the time being, a government report showed Wednesday.
Unemployment rate rose 0.3 percentage points over the year to 3.5 percent
in October, according to Statistics Korea. It was higher than any October
reading since 2005.
The number of those unemployed totaled 973,000 in October, up 79,000 from a
year ago. It was the highest figure of the month since 1999 when the foreign
exchange crisis rocked the economy.
The so-called expanded jobless rate, which reflects labor market conditions
more accurately, stood at 11.1 percent in October, up 0.7 percentage points
from a year earlier.
Finance Minister Kim Dong-yeon, who doubles as deputy prime minister for
economic affairs, told lawmakers that the worsened employment data was not
forecast to be improved in the short term as it was caused by complicated
factors such as the structural problem and a part of policy factors.
Job conditions among the younger generation showed signs of improvement.
Jobless rate among youths aged 15-29 fell 0.2 percentage points over the year
to 8.4 percent in October.
The number of those unemployed reduced in their 20s, while the figures in
their 40s and 50s increased.
The expanded jobless rate for youths, however, gained 0.9 percentage points
to 22.9 percent in the cited period.
The official unemployment rate refers to those who are immediately
available for work but fail to get a job for the past four weeks despite
efforts to actively seek a job.
The expanded jobless rate adds those who are discouraged to seek a job,
those who work part-time against their will to work full-time and those who
prepare to get a job after college graduations to the official jobless rate.
The number of those employed totaled 27,090,000 in October, up 64,000 from
a year ago. The job growth hovered below 100,000 for the fourth consecutive
month.
Employment in the manufacturing sector, which is seen as an industry
creating decent jobs, continued to slide for the seventh consecutive month.
Job creation in the eatery and lodging sector posted the biggest monthly
fall since the relevant data began to be compiled in 2013, but the figure in
the construction industry gained last month.
Those in their 20s who got a job increased in October, but employments in
their 30s and 40s reduced in the month.
The hiring rate dipped 0.2 percentage points over the year to 61.2 percent
in October, keeping a downward trend for nine straight months.
The hiring rate gauges the percentage of working people to the working-age
population, or those aged above 15. The employment rate is used as an
alternative to jobless rate, and the government set its long-term target at
70 percent.
The number of economically non-active population gained 105,000 from a year
earlier to 16,199,000 in October.
Discouraged workers, who gave up efforts to seek a job because of the
worsened labor market conditions, increased 47,000 in October from a year
earlier.
The so-called “take-a-rest” group expanded 90,000 in the same period. The
group refers to those who replied that they took a rest during the job survey
period. It is important as the group can include those who are unemployed and
too discouraged to search for work for an extended period of time.
BSS/XINHUA/HR/1500