February 18, 2016 12:18
Unemployment among young Koreans hit a seven-month high last month after declining briefly, and the highest in 16 years for the month of January.
Unemployment among people between 15 to 29 stood at 9.5 percent in January, up 1.1 percentage points from December, according to Statistics Korea on Wednesday. The previous peak was 10.2 percent in June of last year, while the highest jobless rate for the month of January for people in that age group was 11 percent in January 2000.
Shim Won-bo at Statistics Korea, said, "Young people looking for part-time jobs during their winter breaks or taking public service exams had the effect of raising the unemployment rate."
Overall unemployment also rose to 3.7 percent last month, the highest since July 2015, while employment stood at 58.8 percent, down 1.1 percentage points on-month.
The Ministry of Strategy and Finance claimed employment conditions are improving due to a recovery in domestic consumption, but warned that external uncertainties and a base effect could pose obstacles to hiring.
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