South Korea’s unemployment rate jumped last month to its highest in almost nine years despite a faster than expected economic recovery, official figures showed yesterday.
The 5 percent rate last month compared with 3.5 percent in December and was the highest level since 5.1 percent in March 2001, Statistics Korea said.
Seasonally adjusted, the rate was 4.8 percent compared to the previous month’s 3.6 percent and matching the level of February 2000. The number of employed people stood at 22.87 million last month, up 5,000 from a year earlier.
As the economy picks up, many of those who previously abandoned hopes of finding a job are trying to return to the labor market and swelling the official unemployment statistics, the agency said.
The government, fearful of a jobless recovery, is making job creation its top priority and it has announced plans to create more than 250,000 new positions this year.
The finance ministry forecasts 5 percent growth this year but says it will keep its expansionary macroeconomic policy in place for the time being.
The central bank is expected to hold a rate-setting meeting today. It is expected to face political pressure to keep the key interest rate at a record low of 2 percent, where it has been for 11 straight months.
Chances of a rate hike have been reduced to zero following the jobless figure, said Alaistair Chan (陳志雄), associate economist with Moody’s Economy.com
“Despite the improvements in the economy, as seen in monthly exports and production data, firms are reluctant to hire,” he said in an e-mailed commentary.
“Construction in particular shed a number of jobs in January, possibly as a result of the government’s crackdown on lending in the property sector,” he said.
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