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South Korea’s youth jobless rate hit November high of 8.2 percent in 13 yrs

Collected: 2016.12.14

Distributed: 2016.12.15

Source: Go Direct

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The unemployment rate for South Koreans aged between 15 and 29 reached the highest monthly record of 8.2 percent for November as job scarcity worsened amid restructuring in the shipbuilding and other troubled industry on top of prolonged economic slump.

According to data released by Statistics Korea on Wednesday, the nation’s youth jobless rate edged up 0.1 percentage point to 8.2 percent in November from the same month last year, the highest November record in 13 years.

The number of people with jobs rose 339,000 on year to 26,592,000 in November. The year-on-year addition came above 300,000 last month after dipping to 267,000 in September and 278,000 in October from 387,000 in August. The gain was attributed to the base effect as bad weather in November 2015 hurt employment in the agricultural and fishery industries, and to the recovering construction industry that added 111,000 new jobs last month.

The nation’s manufacturing sector, however, shed 102,000 jobs last month due to the restructuring in the shipbuilding industry and related sector. The number of the employed in the manufacturing industry dropped for five consecutive months since July when the figure had fallen for the first time in 49 months.

The manufacturing sector shed more than 100,000 jobs for two months in a row, for the first time since August and September 2009 when it had been hit hard by the global financial crisis.

By Kim Gyu-sik

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