Korea posts biggest job growth in 11 months in August
Hopes are growing that labor market conditions in Korea are picking up as the number of new jobs accelerated last month.
Statistics Korea said Wednesday that the number of employed people stood at around 25 million in August, up more than 400-thousand from the same period a year earlier.
On-year job creation for August posted its largest jump in 11 months.
The employment rate of those aged between 15 and 64 rose 0.3 percentage points to 64.6 percent in August a healthy number, but still well under the Park Geun-hye administration's target of 70 percent.
The agency said the rise in the number of salaried workers and the number of self-employed declining at a slower pace helped boost job creation to over 400-thousand.
By age, however, the number of employed people in their 20s dropped by 36-thousand, with the employment rate of that age bracket falling more than one percentage point to 56.6 percent.
The number of employed people in their 30s also dropped by 23-thousand.
It's no surprise then that while the nation's jobless rate held steady at three percent last month from the previous year, the rate for those aged between 25 to 29 rose 1.2 percentage points to nearly seven percent.
By sector, the health and social welfare service added the most jobs at over 175-thousand in August from a year earlier.
The hospitality and dining business also added 96-thousand more jobs.
The data comes as the nation's economy is showing signs of recovery from its prolonged downturn.
The Korean economy grew 1.1 percent in the second quarter of this year from the previous quarter, rising above one percent for the first time in more than two years.
Hwang Ji-hye, Arirang News.
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