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.
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(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)
