Dhaka, Bangladesh
S.Korea’s job creation improves despite unemployed topping 1 mln

S.Korea’s job creation improves despite unemployed topping 1 mln

SEOUL, Oct. 12 (Xinhua): South Korea’s labor market conditions improved last month, though the number of those unemployed topped 1 million for nine straight months, a government report showed Friday. The number of those employed totaled 27,055,000 in September, up 45,000 from a year ago, according to Statistics Korea. It was up from a rise of 3,000 jobs in August, but the job growth hovered below 100,000 for eight straight months. The September figure marked the third-lowest monthly increase this year. Those who were hired by manufacturers reduced 42,000 in September from a year earlier, after shrinking more than 100,000 for three months to August. The number of those who work in the eatery and lodging sectors tumbled 86,000 in the month, marking the biggest fall since the relevant data began to be compiled in 2014. The sharp fall was attributed to the lower number of Chinese tourists visiting South Korea and stiffer competition in the sectors. Job creation in the health, social welfare, information and communications, and agricultural industries increased last month, while those in the business facility management, rent services, wholesale and retail sectors declined. The number of those unemployed totaled 1,024,000 in September, up 92,000 from a year earlier. The reading topped 1 million for the ninth consecutive month. Jobless rate stood at 3.6 percent in September, up 0.3 percentage points from the same month of last year. It was the highest September figure since 2005. Kim Eui-keum, spokesman for President Moon Jae-in, told a press briefing that the job data was better than expected though the labor market was still in a grave situation, saying the government will make best efforts to create jobs. The Moon government prioritized the creation of decent jobs, especially among the younger generation, but it had yet to take effect. The unemployment rate among youths aged 15-29 was 8.8 percent in September, down 0.4 percentage points from a year ago. The so-called expanded jobless rate, which reflects labor market conditions more accurately, stood at 11.4 percent in September, with the rate for the younger generation coming to 22.7 percent. The two were the highest September figures since the relevant data began to be compiled in 2015. 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 quality of jobs was enhanced as the number of regular workers expanded by 330,000 last month in contrast to the falls of 190,000 and 24,000, respectively, of irregular workers and those who work on a daily basis. The hiring rate lost 0.2 percentage points over the year to 61.2 percent in September. 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 rose 114,000 from a year earlier to 16,158,000 in September. Those who attended school and raised children reduced last month, but those who did housework increased. Discouraged workers, who gave up efforts to seek a job because of the worsening labor market conditions, gained 73,000 over the year to 556,000 in September, the highest since the relevant data began to be compiled in 2014.

Share |