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Jobless rate in South Korea up to 11-year high in September

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Staff Writer | October 13, 2016
South Korea's jobless rate rose to the highest in 11 years in September due to chronic export slump and the ongoing restructuring in shipbuilding and shipping industries.
South Korea jobless
Asia   The youth jobless rate among young Koreans was 9.4%
Unemployment rate gained 0.4 percentage points from a year earlier to 3.6 percent in September, according to Statistics Korea.

It was the highest level measured in the month of September since 3.6 percent tallied in September 2005.

The number of those unemployed increased by 120,000 as those who lost their jobs are mainly in their 20s and 50s.

The youth jobless rate among those aged 15 to 29 was 9.4 percent in September, up 1.5 percentage points from a year earlier.

It was higher than any September figure since the statistical agency began compiling the data.

The number of those employed reached 26,531,000 in September, up by 267,000 from the same month of last year. It was the lowest growth since it posted an increase of 261,000 jobs in May.