S. Korea's on-year job additions slow for 4th month in July

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s.

The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea.

Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period.

South Korea's on-year job additions slowed for nine consecutive months through February before rebounding in March, when they rose 469,000 on-year. The growth, however, has continued to slow since April.

In July, the Bank of Korea kept its key interest rate unchanged at 3.5 percent for the fourth straight time. Prior to that, the central bank delivered seven consecutive rate hikes from April 2022 to January 2023.

A hike in borrowing costs typically hampers employment as businesses and households cut their spending. (Yonhap)