South Korea’s jobless rate hits its highest level since 2001

The unemployment rate in South Korea exceeded that of the US for the first time in 17 years, in 2018’s third quarter.

According to Organisation for Economic Cooperation and Development data, the jobless rate rose to 4%, the worst since 2001’s 4.6% that was caused by a foreign exchange crisis, putting it ahead of the US rate of 3.7% for the same period.

The country’s unemployment rate during that same period was also up 0.2% from the previous quarter.

The increase in joblessness was attributed to a strong US job market and a reluctance among local Korean companies to recruit people in sluggish economic conditions.

South Korea’s unemployment rate has been steadily increasing since about 2011.