Korea's jobless rate hits 6-year low in October, over 400,000 jobs created

Published : Nov 13, 2019 - 08:59 Updated : Nov 13, 2019 - 09:52

South Korea's jobless rate hit a six-year low in October, and job additions came to 419,000 from a year earlier, data showed Wednesday.

The unemployment rate fell 0.5 percentage point on-year to 3 percent in October, also marking the lowest level for any October since 2013.

The number of employed people reached 27.5 million in October, a rise of 419,000 from the same month in 2018, according to the data compiled by Statistics Korea.

(Yonhap)

It marked the third straight month that the number of added jobs has exceeded 300,000.

Finance Minister Hong Nam-ki said the data shows a clear trend of recovery in the job market, though he said it's a shame to see a continued slump in the manufacturing sector and among those in their 40s.

The number of employed people in their 40s fell 146,000 on-year to 6.49 million in October. The manufacturing sector -- the backbone of South Korea's economy -- lost 81,000 jobs in October.

The statistics agency said the number of unemployed people stood at 864,000 in October, compared with 973,000 a year earlier.

The unemployment rate for young adults -- those aged between 15 and 29 -- fell to 7.2 percent last month from 8.4 percent tallied a year earlier.

By industry, the health and social welfare sectors added 151,000 jobs, and the culture, sports and leisure-related service segment saw an increase of 96,000 jobs last month.

In contrast, the wholesale and retail sector suffered a decline in job offerings by losing 67,000 jobs in October. (Yonhap)