Korea's youth unemployment rate hits record high in November
Updated: 2017-12-13 11:52:01 KST
Korea's employment market remains sluggish despite the government's execution of its nine.eight billion U.S. dollar supplementary budget bill for job creation.
Statistics Korea says the country added 253-thousand new jobs last month from a year ago, bringing the total number of people in work to nearly 26.nine million.
The number of new jobs remained trapped in the 200-thousand range for the second consecutive month far below the government's target of creating an extra 300-thousand new jobs a month.
The ministry says the mild pick-up on-year came on the back of increased employment in the manufacturing and public administration sectors.
The number of people employed in the construction, food and lodging sectors dropped.
An official from the statistics agency identifed the main reasons behind the gloomy figures to the decreasing number of self-employed, the cold weather and Korea's rapidly aging population.
The youth jobless rate in November edged up from a year earlier to nine.two-percent, the highest level since data was first compiled in 1999.
The overall unemployment rate stood at three.two-percent.
The perceived youth unemployment rate, as felt by regular people, ticked up zero.one-percentage points on-year, recording 21.four percent the highest level since 2015 when compared to previous figures in November.
Kim Ji-yeon, Arirang News.