Home > Economy > South Korea's Unemployment Rate In January Slightly Up At 3.8 Percent

South Korea's Unemployment Rate In January Slightly Up At 3.8 Percent

By February 15, 2017 at 5:51 am
The unemployment rate for young people, those aged between 15 and 29, fell to 8.6 percent in January, from 9.5 percent a year ago. (Photo : Getty Images)

The unemployment rate in South Korea posted a modest rise last month from a year ago as the struggles in the manufacturing sector have extended well into the first month of this year, according to data released by the government Wednesday.

Asia's fourth-biggest economy recorded a jobless rate of 3.8 percent in January, increasing slightly by 0.1 percentage point from the year-ago month, the report by Statistics Korea showed.

The figure was up 0.6 percentage point from 3.2 percent in the previous month.

On a seasonally adjusted basis, the unemployment rate came at 3.5 percent last month, the same rate as in December. Compared to the same month last year, the jobless rate stood at 3.6 percent.

In December, South Korea logged in a jobless rate of 3.2 percent, unchanged from a year ago, data from the statistics agency showed.

The number of employed people last month reached 25.69 million, an increase of 243,000 from previous year, the smallest on-year advance in 11 months.

In final month of 2016, the number of employed people in the country stood at 26.17 million, a gain of 289,000 from the same month in 2015, and marked the return to the 200,000 level after two months.

Among the young people, those aged between 15 and 29, the jobless rate hit 8.6 percent in January, down sharply from 9.5 percent recorded in the previous year.

In December, the jobless rate for young people was at 8.4 percent, steady from a year ago but increased slightly from 8.2 percent in November.

Meanwhile, a separate report released in January showed that South Korea's long-term unemployment rate hit a 14-year high in 2016.

The number of people in the country who have been out of work for a long time was at 133,000 or 13.1 percent of the total number of jobseekers, which breached the 1 million mark for the first time last year, the Statistics Korea report showed.

Like Us on Facebook