Korea: more in work, but more are unemployed too
Thu, 26 Jun 2014
More South Koreans are in work than a year ago, but the unemployment rate is still rising, according to figures from the government-funded Korea Labor Institute in Seoul.
The labour force grew by 3% to 26,714,000 in the year to April with the employment rate at 60.6%, up 0.8 percentage points. Total employment, at 25,684,000, was 2.3% more than a year earlier.
But the unemployment rate was also up, by 0.7% at 3.9%. The number of unemployed was 1,030,00, an increase of 205,000 (24.9%) from the same quarter a year ago.
Industries adding jobs included the wholesale and retail trade, accommodation and food; manufacturing; services; and power, transport, telecoms and finance. Jobs were lost in agriculture, forestry and fishing; and construction.
No explanation for the disparity in the figures was given in the report of the findings from the Korea Labor Institute.