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S. Korea's Job Growth Hits 10-Month High in November

Write: 2018-12-12 14:53:49

Thumbnail : KBS News

Anchor: New data shows the number of newly created jobs grew at the fastest pace in ten months in November, but the nation's jobless rate hit a nine-year high. 
Our Park Jong-hong has this report.

Report: Statistics Korea said on Wednesday that the number of people with jobs stood at 27-point-18 million last month, up 165-thousand from the same month last year.

The monthly job growth figure had remained below 100-thousand for four consecutive months since July and the November figure marks the largest gain since January when it expanded 334-thousand. However, it remains far behind last year's monthly average of 325-thousand as well as the government's monthly target for this year, of 180-thousand. 

The statistics agency attributed the improved figure to a job increase in the service industry and slowed job losses in retail, lodging and restaurant sectors.

But experts view it’s too early to say that the employment situation has made a turnaround, because it could be a temporary growth in the public sector, health and social welfare sectors led by the government initiative to create 59-thousand short-term jobs by the year’s end.

Also when it comes to unemployment, the situation has yet to be upbeat.

South Korea's jobless rate actually rose slightly in November to stand at three-point-two percent, up point-one percentage point from a year earlier.

The figure marks the largest for the month of November since 2009, when the nation was reeling from the financial crisis. 

The unemployment rate for young adults, aged between 15 and 29, remained high at seven-point-nine percent, down one-point-three percentage points from the previous year.

An official at the statistics agency said the government’s job creation initiative is still ongoing, but it is unclear exactly how the efforts have been reflected in the latest jobs report. 
Park Jong-hong, KBS World Radio News.

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