The number of people preparing for jobs surpassed the 700,000 mark in May for the first time ever, data showed Thursday, amid the rising unemployment among young people.The figure surged to 735,000 last month, up 13 percent from 656,000 a year earlier, the data by Statistics Korea said. Those who are preparing for jobs are not categorized as jobless as they belong to the economically inactive population. These include people studying for state employee exams or attending vocational training cour

The number of people preparing for jobs without actually seeking jobs surpassed 700,000 for the first time last month, according to Statistics Korea. Those preparing for jobs are categorized as economically inactive, as they are not actually seeking for jobs during the preparation process. A total of 735,000 were preparing for employment, up 13 percent from the same month the previous year. It was the largest number since the relevant tally began in January 2003.Some 251,000 were registered with

South Korea's finance minister said Thursday that he has no immediate plan to raise income and corporate taxes, and seek other ways to support President Moon Jae-in's expanded fiscal role in creating jobs and boosting the economy."The government is looking into discretionary spending and unnecessary items in terms of government expenditures that can be adjusted and review plans to remove tax exemptions and other benefits," Finance Minister Kim Dong-yeon told reporters after his inaugur

The property value of South Korean homes has risen sharply in recent years, data showed Thursday, amid the previous government's policy to prop up the country's housing market.The value of homes in the country stood at over 3,732 trillion won ($3.32 trillion) as of late last year, up 17.7 percent or 560.6 trillion won from late 2013, according to figures by the Bank of Korea. Compared with the end of 2015, when the total stood at 3,511 trillion won, value of homes were up 6.3 percent. The market

The US Federal Reserve’s interest rate hike is likely to worsen South Korea’s rising household debt problem, dampening domestic demand and possibly hurting exports to emerging markets, experts said Thursday.The Fed raised the key rate by 0.25 percentage point to the 1-1.25 percent range Wednesday, its second hike this year, which was widely expected in the market. Along with Bank of Korea Gov. Lee Ju-yeol’s recent hint at monetary tightening, the Fed’s move raises concern

As the fifth-largest stakeholder of the Asian Infrastructure Investment Bank, South Korea is ramping up efforts on multiple fronts in a bid to contribute to the improvement of Asia’s infrastructure. As part of the efforts, Korea became the second country to host the 2017 annual meeting of the Beijing-led multicultural financial organization representing Asian nations on Jeju Island, outside of China for the first time, from Friday to Saturday. The relatively new AIIB held its first an

South Korean and US business groups on Thursday held a forum to discuss pending economic issues and cooperative measures amid concerns Washington may become more protectionist going forward, organizers said.At the gathering arranged by the Federation of Korean Industries and the American Chamber of Commerce in Korea, experts and business leaders from the two countries analyzed the Korea-US free-trade agreement as a "reciprocal and win-win" deal. "The United States and South Korea

South Korea's trade surplus extended its winning streak for the 64th month in a row in May as the country has been basking in brisk outbound shipments on an upturn in global demand, customs data showed Thursday.The country's trade surplus came to $5.68 billion last month, down sharply from a surplus of $12.9 billion tallied a month earlier, according to the data from the Korea Customs Service.  Asia's fourth-largest economy has posted the consecutive monthly trade surplus since February 201

South Korea said Thursday that it will tighten monitoring of the local financial market and take immediate measures to stave off any fallout from the latest US rate increase."We will get fully prepared to minimize the adverse impact of the US rate hike," Vice Finance Minister Ko Hyoung-kwon said at a financial policy meeting in Seoul. "The government will keep close tabs on the market and take stabilizing measures in a timely manner." The US Federal Reserve raised key interes

The US Federal Reserve raised key interest rates by 0.25 percentage point Wednesday, and said it plans to reduce its securities holdings, a move that could spur rates to rise further.The Fed raised the target range for the federal funds rate from 1 to 1.25 percent, a level that's on par with South Korea's. It was the second time the Fed has raised rates this year after the first hike in March."The labor market has continued to strengthen and that economic activity has been rising moderately

South Korea's pilot project for a coinless society has gained momentum as it enhances convenience for ordinary people, the central bank said Thursday.Under the project that began in mid-April, consumers can deposit small change left from purchases of goods into their prepaid or mobile cards at convenience stores, discount stores and department stores, according to the Bank of Korea. It means that consumers won't have to carry coins in their pockets after making cash payments.The number of deposi

The number of employed has surged by over 300,000 compared to a year ago, while the jobless rate declined. Youth employment, however, continues to stagger while the number of employees in manufacturing fell for the 11th month running, the data also showed. Statistics Korea said Wednesday that in May, a total of 26.8 million people were employed, up 375,000 from a year before.While the increase is slightly lower than that of March and April, it remains to hover above the 300,000 mark, the statist

The success of President Moon Jae-in’s economic policy to promote income-led growth will eventually hinge on whether and how to nurture more competitive and profitable small and medium-sized enterprises, economists say.More contributions by SMEs will be essential to creating quality jobs and boosting growth potential -- key tasks for the Moon administration.SMEs account for about 99 percent of corporations operating across the country, hiring nearly 90 percent of waged workers.Moon has vow

South Korea's total assets rose 5.8 percent in 2016 from a year earlier on a large increase in nonfinancial assets, central bank data showed Wednesday.The country's national assets came to 13,078 trillion won ($11.6 trillion) at the end of 2016, up 715 trillion won from a year earlier, according to preliminary data from the Bank of Korea. The 2016 tally is eight times higher than the country's nominal gross domestic product for the same year.The increase came mostly from a rise in nonfinancial a

The European Commission has decided not to impose extra duties on purified terephthalic acid products sold by South Korean manufacturers following a months-long probe into dumping allegations, the foreign ministry said Wednesday.The European Union's executive body launched the investigation into South Korean PTA products, mostly used in making polyester, in August 2016 amid allegations raised by European rivals that they were being sold at lower-than-market prices.  The commission recently