South Korea’s jobless claims fall in May

South Korea’s jobless claims fell in May to 86,000, a decline from the 111,000 applications in May one year ago, according to the Ministry of Employment and Labour. 

In January, the country’s jobless claims totalled 212,000, followed by 149,000 in March, and 103,000 in April. The government attributes the decline in jobless claims to the economic recovery caused by the pandemic. 

Meanwhile, those receiving job-seeking benefits totalled 704,000 in May, in line with a downward trend of 759,000 in March, and 739,000 in April. In April, the country’s unemployment rate fell to an eight month low as the number of people employed rose at its sharpest pace in almost seven years.

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Jobs were largely added in sectors such as  healthcare and social services, construction, and transportation and warehouses. Businesses in retail were the hardest hit, registering a loss of 182,000 jobs from a year earlier.

Last year, the South Korean government rolled out some 310 trillion won (US$276.96 billion) worth of stimulus to support businesses and safeguard jobs.