Investment News
- Home
- About Us
- Newsroom
- Investment News
S. Korea's jobless rate falls to 3 pct in August
제목 없음
South Korea's jobless rate declined in August from a year earlier as the
nation's economy continued to recover, fueled by expanded exports and industrial
output, a government report showed Wednesday.
The jobless rate stood at 3 percent last month, down from 3.3 percent a year earlier, according to the report by Statistics Korea. It was also down from the previous month's 3.3 percent.
The report showed 490,000 more jobs being created last month compared with a year earlier, up from 335,000 in July. This marked the largest gain in 15 months. The total number of working people stood at 24.49 million.
"This is a big surprise and welcoming news that clearly shows that our economic fundamentals are getting stronger," Finance Minister Bahk Jae-wan told a meeting with other policymakers after the employment data was unveiled.
The data comes as the government has been working to create jobs and stabilize prices, believing that such efforts could help boost domestic demand and eventually lead to economic recovery.
In June, the government unveiled its economy-management plan for the second half in which it painted a relatively rosy picture of the nation's employment market. It revised upward its job creation projection for this year from 280,000 to 330,000.
The report showed that the number of jobs being created has remained in the 300,000-400,000 range for 11 straight months, raising hopes that the labor market is rebounding.
The personal and public service sectors, including self-employed people, led the overall job growth by offering 289,000 new positions. The electricity, transportation, telecommunications and financial areas added 190,000 workers, according to the report.
The agricultural, fishery and forestry sectors, however, lost 39,000 jobs. The manufacturing sector also shed 28,000 workers.
Behind the overall improving job situations lie strong exports and industrial output despite their recent slowing growth. In August, the nation's exports rose 27.1 percent on-year, while industrial output also expanded 3.8 percent in July from a year earlier.
The labor market picture, remained bleak for many younger people, though it has improved in recent months. Unemployment among those aged 15-29 was 6.3 percent last month, down from 7 percent tallied a month earlier, according to the report.
Meanwhile, the finance ministry said in a report after the job data was unveiled that employment conditions will likely continue to improve centering around the nation's service sector, but it worried that the Sept. 12 Chuseok holiday might have dampened the overall job creation numbers.
Date
2011.09.21
The jobless rate stood at 3 percent last month, down from 3.3 percent a year earlier, according to the report by Statistics Korea. It was also down from the previous month's 3.3 percent.
The report showed 490,000 more jobs being created last month compared with a year earlier, up from 335,000 in July. This marked the largest gain in 15 months. The total number of working people stood at 24.49 million.
"This is a big surprise and welcoming news that clearly shows that our economic fundamentals are getting stronger," Finance Minister Bahk Jae-wan told a meeting with other policymakers after the employment data was unveiled.
The data comes as the government has been working to create jobs and stabilize prices, believing that such efforts could help boost domestic demand and eventually lead to economic recovery.
In June, the government unveiled its economy-management plan for the second half in which it painted a relatively rosy picture of the nation's employment market. It revised upward its job creation projection for this year from 280,000 to 330,000.
The report showed that the number of jobs being created has remained in the 300,000-400,000 range for 11 straight months, raising hopes that the labor market is rebounding.
The personal and public service sectors, including self-employed people, led the overall job growth by offering 289,000 new positions. The electricity, transportation, telecommunications and financial areas added 190,000 workers, according to the report.
The agricultural, fishery and forestry sectors, however, lost 39,000 jobs. The manufacturing sector also shed 28,000 workers.
Behind the overall improving job situations lie strong exports and industrial output despite their recent slowing growth. In August, the nation's exports rose 27.1 percent on-year, while industrial output also expanded 3.8 percent in July from a year earlier.
The labor market picture, remained bleak for many younger people, though it has improved in recent months. Unemployment among those aged 15-29 was 6.3 percent last month, down from 7 percent tallied a month earlier, according to the report.
Meanwhile, the finance ministry said in a report after the job data was unveiled that employment conditions will likely continue to improve centering around the nation's service sector, but it worried that the Sept. 12 Chuseok holiday might have dampened the overall job creation numbers.
Source: Yonhap News (Sept. 21, 2011)