S. Korea's youth jobless rate stays high on struggling labor market

By:Xinhua
update:December 14,2017

The number of those employed totaled 26,845,000 in November, up 253,000 from a year earlier. The employment growth continued to fall from 314,000 in September to 279,000 in October.

Jobs in the manufacturing industry, seen as "decent" jobs, added 46,000 in November from a year earlier, keeping an upward momentum for the sixth consecutive month.

Employment in the public administration, social welfare, healthcare and construction industries gained ground, but those in the publication, broadcasting, information services, finance, insurance, lodging and restaurant sectors lost ground.

The number of those self-employed inched up 4,000 in November on a yearly basis, after rising 43,000 in the prior month. Cold weather discouraged people to create new lodging houses and restaurants, the statistical agency said.

Unemployment rate stood at 3.2 percent in November, up 0.1 percentage point from a year ago. It was the highest among any November figures since the South Korean economy was negatively affected by the global financial crisis in 2009.

The hiring rate stood at 61.2 percent in November, up 0.1 percentage point from a year earlier. The OECD-method employment rate for those aged 15-64 gained 0.4 percentage points to 67.0 percent.

The hiring rate gauges the percentage of working people to the working-age population, or those aged above 15. The employment rate is used as an alternative to jobless rate, and the government set its long-term target at 70 percent.

The economically inactive population, or those aged above 15 minus the sum of those employed and unemployed, was 16,129,000 in November, up 38,000 from a year earlier.

Those who were economically inactive for childcare and housework declined last month, but the so-called "take-a-rest" group posted a double-digit expansion last month.

The group refers to those who replied that they took a rest during a job survey period. It is important as the group can include those who are unemployed and too discouraged to search for work for an extended period of time.

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