[THE INVESTOR] Although the youth unemployment rate in South Korea remains high, it fell slightly in May, with a rise in employment in the health and accommodation industry, according to a government report on June 15.

According to the report by Statistics Korea, the fourth-largest economy in Asia had a jobless rate of 3.7 percent last month, compared to 3.9 percent in April.

The seasonally adjusted unemployment rate remained flat at 3.7 percent in May. 



Job creation soared compared to the previous month, with the number of employed people standing at 26.45 million in May, a 261,000 increase from the year before and higher than the previous month’s 252,000 gain.

The youth unemployment rate, based on statistics targeting people aged between 15 and 29, fell from 10.9 percent in April to 9.7 percent in May. Despite the fall, it set the record for the highest number for the month of May.

Regarding these figures, Sim Won-bo, the head of the agency’s employment statistics team commented, “The youth unemployment rate tumbled as the recruitment season wrapped up in May. However, the rate is expected to rise in June with a big government exam scheduled.”


(investor@heraldcorp.com)