S. Korea's unemployment rate hits 3.5% in October, highest since 2005

Arirang News 2018-11-14

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The South Korean government has been feverishly working to breathe fresh life into the tepid job market,... including almost three-and-a-half billion U.S. dollars in extra taxpayers funds for job creation programs.
However, the latest monthly employment report shows the situation for jobseekers is as grim as ever.
Ko Roon-hee reports.
More disappointing figures on the employment front in South Korea...despite the government's efforts to increase the number of jobs.

According to Statistics Korea on Wednesday, the overall unemployment rate was 3-point-5 percent in October,... up 0-point-3 percentage points from the same period last year.
Just comparing the month of October, it's the highest figure since 2005.

There was a slight glint of light,... such as the number of newly added jobs.
The number of employed people was up 64-thousand on-year in October to reach almost 27-point-one million.
This is a slight increase...considering the disappointing figures recorded during the previous months.
In September, the number of newly added jobs reached 45-thousand, after remaining below the 10-thousand mark in July and August.
The agency said the overall situation is looking grim.

"Although the number of people employed in the health activities sectors is increasing, the number of employed in wholesale and retail, and business facilities management is continuously decreasing. Also, the overall employment rate has been going down on-year since February. The current employment situation is serious."

The South Korean government unveiled new measures to boost job creation in late October.
It includes plans to create 59-thousand jobs for youths, people in their 50s and 60s, and the elderly...mainly in central government, public institutions, and local governments.
Statistics Korea says the effect of this plan will be reflected in November's data.
Ko Roon-hee, Arirang News.

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