Published : Dec. 14, 2016 - 15:26
The unemployment rate among young South Koreans hit a 13-year high for the month of November, as manufacturers reduced new hires amid the prolonged economic downturn, the government said Wednesday.
(123rf)
According to data from Statistics Korea, the jobless rate among people aged between 15 and 29 rose to 8.2 percent in November, down from 8.5 percent a month earlier but up from 8.1 percent a year earlier.
The figure last month is the highest yearly figure for November since 2003.
The unemployment rate among the working-age population between 15 and 64 was 3.1 percent in November, unchanged from a year earlier.
The government attributed the high jobless rate among young people to the sluggish manufacturing sector, which cut down on new employment in light of growing uncertainties at home and abroad.
The manufacturing industry, the main pillar of the Korean economy, shed more than 100,000 jobs in November compared to a year earlier. In October, 115,000 jobs were lost.
Ongoing restructuring in the shipbuilding sector and poorly performing exports mainly led to the job losses in the manufacturing sector, Statistics Korea said.
In total, the Korean economy added 339,000 jobs in November from a year earlier on the back of strong job gains in the agriculture, fisheries and construction sectors.
The employment rate among youth also rose to 41.9 percent in November, 0.1 percentage point up from a month earlier, due to the overall decline of the youth population.
The economic downturn is expected to worsen next year, but Finance Minister Yoo Il-ho has vowed to expand the government’s fiscal role for jobs.
“Domestic demand and job gains are slowing, but we will remain vigilant about whether those risks are combined with global uncertainties coming from the US Federal Open Market Committee’s meeting this week,” Yoo said at an economy-related ministerial meeting in Seoul.
“Every ministry should exert full efforts to complete their spending of this year’s budget. The government will also enhance monitoring to prevent wage payment delays in the end-year and new-year period.”
Yoo later told reporters in Sejong that he would continue to serve as the top government official overseeing overall economic policy. There had been some uncertainties about economic leadership in the wake of the impeachment of President Park Geun-hye.
Whether the economy needs further expansionary fiscal policy remains to be seen, he said, adding that the Finance Ministry will release a report later this month on the major economic policies for next year.
By Kim Yoon-mi (yoonmi@heraldcorp.com)