S. Korea unemployment rises


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

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.



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