South Korea adds 419,000 new jobs y/y in Oct.

South Korea adds 419,000 new jobs y/y in Oct.


South Korea’s job market finally seems
to be on the road to recovery with a sharp increase in the number of newly
added jobs last month as well as a fall in the unemployment rate kim moo-sung
reports the South Korean economy created four hundred nineteen thousand new jobs
on year in October adding more than three hundred thousand new jobs for the
third consecutive month the employment rate for those aged over 15 reached 60
1.7 percent the highest level in 23 years for the month of October by sector
the number of Health and Social Welfare service lodging and restaurant jobs saw
increases but the number of new jobs in South Korea’s manufacturing wholesale
and retail and financial sectors fell in particularly the manufacturing sector
saw jobs decrease for the 19th straight month by age group those in their 20s
50s and 60s saw the number of new jobs go up those 60 or above saw jobs jumped
by over 410,000 accounting for most of last month’s rise but those in their 30s
and 40s saw the number of jobs drop as they are mainly concentrated in the
manufacturing and Finance sectors the employment rate has gone up but the
quality of jobs hasn’t improved as most added jobs are tempted jobs for people
in their 20s and 60s created using the government budgets to really raise the
quality of jobs investing in education and encouraging startups to create new
jobs was key as a whole the number of unemployed people in South Korea fell to
8-under 64 thousand last month the overall unemployment rate dropped half a
percentage point on year to 3 percent a low not seen since October 2013
South Korea’s youth unemployment rate also dropped more than 1 percentage
points to 7.2 percent a seven-year low for the month of October finance
minister who nambeesa the recovery is encouraging but noted how the
manufacturing sector remains sluggish he added the government will help nurture
an extra hundred thousand jobs in smart manufacturing to boost productivity
samantha and a news

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