S. Korea's Job Growth Falls to 8-Year Low in February

Write : 2018-03-14 09:31:00 Update : 2018-03-14 15:21:50

S. Korea's Job Growth Falls to 8-Year Low in February

South Korea's job growth fell to an eight-year low last month amid a serious unemployment crisis. 

According to data by Statistics Korea on Wednesday, the number of people with jobs stood at 26 million in February, up 104-thousand from a year earlier.
   
That's the smallest gain since employment posted a decrease of ten-thousand in January 2010.

The statistics agency attributed the slowdown to the cold snap and heavy snow last month, which hurt employment in the construction, fishery and agricultural sectors. 

It also cited restructuring in the auto and shipbuilding industries. 

After the number of employed people increased by 314-thousand in September, growth had stayed below the 300-thousand mark for three straight months. Job growth recovered to that level in January but fell back last month. 
  
The country's overall employment rate reached 59-point-two percent, while the jobless rate came to four-point-six percent last month, down point-three of a percentage point on-year.
   
The unemployment rate for young people, aged between 15 and 29, came to nine-point-eight percent, down two-point-five percentage points from a year earlier. It's the lowest February figure since it marked nine percent in February 2013. 

The government is set to announce job creation measures for young people on Thursday, which could include a supplementary budget. 

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