S. Korea unemployment rises

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SEOUL: South Korea’s unemployment rate inched up in August as agriculture and banking sectors continued shedding jobs, government data showed on Friday.

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The seasonally adjusted jobless rate rose to 3.5 percent, up from the previous month’s 3.4 percent, Statistics Korea said.

Agriculture and fisheries lost more than 125,000 jobs from a year ago, while the finance and insurance sectors shed 48,000 jobs and transportation 35,000 jobs.

But the number of newly created jobs from a year ago stood at 594,000, up from 505,000 in July, thanks to employment growth in manufacturing, wholesale and retail businesses, hotels and restaurants, as well as health and welfare.

A rise in temporary employment ahead of this week’s Chuseok festival holidays had contributed to the overall increase in new jobs, a senior Statistics Korea official Shim Won-Bo told journalists.

Unemployment among young job seekers also increased, with the seasonally adjusted jobless rate for those aged 15-29 rising to 9.3 percent in August, up from 8.9 percent in July.

AFP

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