South Korea's jobless rate stayed unchanged in August, but the number of newly employed people dropped to a 4 1/2-year low amid weak signs of economic recovery, government data showed Wednesday.The unemployment rate stood at 3.6 percent last month, staying flat from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it gained 0.1 percentage point.The number of employed people reached 26.7 million in August, up 212,000 from a year earlier, markin

South Korea's export prices rose slightly in August from a month earlier due to the hike in prices of coal and petrochemical products, the central bank said Wednesday.In local currency terms, overall export prices rose 0.5 percent month-on-month in August, according to preliminary data provided by the Bank of Korea.Year-on-year, export prices rose 10.7 percent last month, marking the 10th consecutive month of gains. It marked the highest since March 2009 when the corresponding figure was 17.4 pe

The heads of the central banks of South Korea, China and Japan are set to begin an annual meeting later Wednesday, the Bank of Korea said, amid keen interest on a currency swap deal between Seoul and Beijing.Bank of Korea Gov. Lee Ju-yeol is scheduled to host a banquet for his Chinese counterpart Zhou Xiaochuan and Japanese central banker Haruhiko Kuroda in Songdo, west of Seoul.The three "will exchange views on recent economic and financial developments in the three countries" during

In the wake of the Moon Jae-in government’s reinforced restrictions on housing loans, the increase in mortgage loans has slowed down while credit loans made a record leap in August, data showed Tuesday.According to the Bank of Korea’s monthly data on financial market trends, the balance for household loans stood at 744.2 trillion ($658.4 billion) as of the end of August, up 6.5 trillion won from the previous month.The on-month increase was down 200 billion won from that of July and d

South Korea's top economic policymaker said Tuesday that he has no immediate plan to raise property ownership tax as a tool to cool down the speculative movement in the local real estate market.The government earlier announced a series of strong measures to curb price hikes in the capital city and its surrounding areas. It designated Seoul and other cities, including the administrative city of Sejong, as "overheated speculative districts" to tighten mortgage rules and restrict transact

Although the South Korean government has poured in some 100 trillion won ($88.4 billion)88,449,000,000) over the past 10 years to solve the low birthrate issue, the country’s spending on family benefits still remained among the lowest of the members of the Organization for Economic Cooperation and Development.The Korea Institute for Health and Social Affairs said in a recent report that the country’s family benefits spending as a percentage of gross domestic product reached 1.13 perc

South Korean stocks closed higher Tuesday as institutional buyers scooped up shares, taking a cue from overnight Wall Street gains, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 6.39 points, or 0.27 percent, to close at 2,365.47. Trade volume was moderate at 328 million shares worth 4.9 trillion won ($4.3 billion), with gainers outnumbering losers 455 to 334.The local stock market opened higher as market sentiment was boosted by

The rate of labor force participation for young Koreans last year ranked near the bottom among developed nations, according to the Organization for Economic Cooperation and Development on Tuesday. 　Data from the OECD showed that the labor force participation rate for Koreans between the ages of 25 and 29 was 76.7 percent last year. The figure ties with Chile for the 31st spot among the OECD’s 35 members.　The OECD’s definition of labor force participation rate is calculated by dividin

Major construction bodies in South Korea called on the government Tuesday to withdraw its scaled-back infrastructure budget for 2018, saying it may hurt not only the industry but also the national economy.Announcing its budget request late last month, the government said that it will spend 17.7 trillion won ($15.7 billion) on infrastructure projects in the coming year, down a whopping 20 percent from this year."We express serious concern over the drastic cut in next year's infrastructure bu

The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.The nation's M2 totaled 2,472.1 trillion won ($2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea said in a statement. The money supply fell 0.2 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply countin

South Korea's household loans extended by banks rose 9 percent in August from a year earlier due to increased mortgages and other bank loans, central bank data showed Tuesday.Outstanding household loans from lenders came to 744.2 trillion won ($658 billion) as of the end of last month, vis-a-vis 682.4 trillion won from a year earlier, according to the data by the Bank of Korea.Compared with July, the amount rose by 6.5 trillion won. Mortgages climbed 3.1 trillion won on-month to 557.7 trill

South Korean stocks traded higher late Tuesday morning on eased concerns over geopolitical tensions caused by North Korea's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 4.14 points, or 0.18 percent, to 2,363.22 as of 11:20 a.m.Earlier in the day, the UN Security Council adopted a set of fresh sanctions against North Korea following Pyongyang's sixth and most powerful nuclear detonation test on Sept. 3.  Market heavyweights traded mixed, with top cap

South Korea said Tuesday that it aims to export more than $1 billion worth of seaweed products annually by 2024 as part of its effort to diversify its overseas shipment portfolio.According to the report submitted to the Cabinet, the Ministry of Oceans and Fisheries said the country is expected to ship 380,000 tons of dried laver and other seaweed products in 2024, up from the 250,000 tons -- worth $350 million -- sold overseas in 2016.Dried laver, called "gim" in Korean, is usually roa

South Korean stocks opened higher Tuesday, taking a cue from overnight Wall Street gains.The benchmark Korea Composite Stock Price Index rose 8.17 points, or 0.35 percent, to 2,367.25 in the first 15 minutes of trading.Market kingpin Samsung Electronics was up 0.28 percent, while SK hynix, a major chipmaker, gained 0.54 percent.Hyundai Motor, the No. 1 automaker, climbed 0.74 percent, while AmorePacific, the country's top cosmetics maker, advanced 0.95 percent.The local currency was trading at 1

Nearly 40 percent of workers at public institutions based in provincial cities in South Korea live away from their families, a report said Tuesday, while calling for measures to help more live with their families.A decade ago, South Korea designated 10 "innovation cities" across the nation and relocated the headquarters of 115 public organizations to those cities to promote balanced regional growth.According to the report from the office of Rep. Song Ki-heon of the ruling Democratic Pa