The number of newly added jobs in South Korea remains in the one-hundred-thousand range for the fifth straight month in June, keeping the employment rate at 67-percent, unchanged from June 2017.
Statistics Korea's job report, released Wednesday, also showed a decline in employment in the manufacturing and education sectors.
And according to an expert, the decline in jobs in the manufacturing sector is especially troubling.
"What is worrying about this current number is that, for the last three months, the increase jobs in the manufacturing sector has been lackluster as well. And manufacturing, there should be rise in jobs which is much higher it is right now, because exports are doing so well. But even the rise in exports, it does not seem to lead to an increase in the number of jobs, that is maybe because companies are afraid of hiring new workers when there is a threat of global trade war and global slowdown in growth later this year, probably due to protectionism and the trade war between United States and China.
In fact, the figures for newly added jobs are the worst recorded since the financial crisis a decade ago, which saw 18-straight months from September 2008 to February 2010 where less than 100-thousand new jobs were created per month.
The unemployment rate went up one-tenth of a percent to 3.7, while the youth jobless rate fell to 9 percent, down nearly one-and-a-half percent on year.
Since May, the government has been using its 3.7 billion U.S. dollar extra budget to try and create more jobs for young people amid concerns about the high levels of youth unemployment.
The government aims to reduce youth unemployment to below 8 percent by 2021.
Won Jung-hwan, Arirang News.