SoKor unemployment drops to record low
South Korea’s unemployment level hit record lows, indicating that the country’s recovery from the COVID-19 pandemic is still on track. However, a breakdown of the data showed that labor conditions in the key manufacturing sector remained weak.
Statistics Korea’s data showed on Wednesday that the seasonally adjusted unemployment rate in August fell to 2.8%, the third straight month of decline and the lowest since June 1999. The rate was 3.3% in July.
The number of employed went up by 518,000 from the previous year, following July’s job increase of 542,000. Most of the jobs added were in healthcare and social services, construction, transportation, and warehouses.
However, conditions in the key manufacturing sector remained weak, with the number of employed plummeting to an eight-year low of 4,289,00-76,000 less compared to 2020.
Jobs in retailers were also in decline, with 113,000 jobs lost from the previous year and 38,000 less in accommodation facilities and restaurants.