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Published on Oct 11, 2016
Turning now to the latest job figures,... and they paint a pretty bleak picture.
The protracted economic slowdown in Korea's manufacturing sector is weighing heavily on the job market.
And the latest employment figures show it's younger Koreans that are having the most torrid time at the moment.
The protracted economic slowdown in Korea's manufacturing sector is weighing heavily on the job market.
And the latest employment figures show it's younger Koreans that are having the most torrid time at the moment.
Shin Se-min reports.
Times are proving tough... as young Koreans are suffering from one of the worst job markets in years.
Statistics Korea says the country only added 267-thousand new jobs in September from a year ago,… bringing the total number of people in work to 26-and a half million.
The margin of increase slumped back into the 200-thousand range in September,... after popping up by 387-thousand jobs in August.
The overall unemployment rate stood at three-point-six percent in September,… up zero-point-four percentage points from the same month last year.
Statistics Korea says the ongoing government-led corporate restructuring drive of the ailing shipping and shipbuilding industries took a toll on the jobs market.
Jobs in the manufacturing sector, which includes the shipping and shipbuilding industries, fell 76-thousand on-year in September.
The monthly figure was also brought down by the losses in the construction and retail sectors.
Local construction firms hired 41-thousand new employees in September,… down from a gain of 71-thousand in August.
The number of new jobs in the retail sector fell to 88-thousand last month from the 141-thousand hires in August, mostly temporary workers hired in preparation for the Chuseok holiday.
The youth unemployment rate fared especially poorly.
It stood at nine-point-four percent last month for young Koreans ages 15-to-29.
It's the highest monthly figure tallied since 1999 and a gradual increase from the 9-point-2 percent in July.
Amid all this, Korea's finance ministry is less than optimistic, saying that the prolonged strikes at major automakers and walkouts by unionized cargo truck drivers are expected to further dent the job market.
Shin Se-min, Arirang News.
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