South Korea’s unemployment rate in February falls to record low of 2.7%

South Korea’s unemployment rate in February fell to a record low of 2.7%, a further decline from the 3.6% unemployment rate in January, according to official data. 

The number of employed workers rose by 1.037 million year-on-year in February, marking a 22-year high, which is comparable to January’s job growth of 1.135 million, Reuters reports.

The jobless rate in February was also the lowest since data releases began in June 1999.

Some 254,000 jobs were added in healthcare and social services, a quarter of the total number, while some 135,000 jobs were added in transportation and warehouses. Meanwhile jobs in the manufacturing sector increased by 32,000, registering weak growth. 

However, jobs in the wholesale and retail sector continued to decline, falling by 47,000 roles year-on-year. 

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To support the economy, the government has so far allocated about a third of total public expenditure to welfare and jobs, with plans to spend about 70% of its annual fiscal budget over the first half of 2022.