South Korea’s unemployment rate rises in October

South Korea's jobless rate increases in October, as dismal job conditions continue in the retail and hospitality sector.
By: | November 16, 2018

The unemployment rate in South Korea increased slightly in October owing to the decrease in retail and hospitality sectors’ employment, according to the latest figures from the government’s statistics department.

Data compiled by Statistic Korea showed that the unemployment rate stood at 3.5% last month, an increase of 0.3% from a year earlier.

Meanwhile, the jobless rate for young adults, aged between 15 and 29, was at 8.4 %, down 0.2% from the previous year.

The retail sector also lost 100,000 jobs in October, making it the largest fall since 2014, while the lodging and restaurant sector cut 97,000 jobs in the month. In addition, the manufacturing sector saw a decline of 45,000 jobs.

Overall, South Korea’s total employed workforce hit 27.09 million in October, rising by 64,000 compared to the same period last year.

The employment rate stood at 61.2% last month, a 0.2% drop from a year earlier.