July 14, 2016 10:44
The unemployment rate for young adults in June was 10.3 percent the highest for the month since June 1999 when the figure was 11.3 percent in the wake of the IMF bailout.
Statistics Korea said Wednesday that youth unemployment soared in June because there was an exam for provincial civil servants. Those preparing for job exams are normally classified as the economically inactive population but are included in the unemployed population as jobseekers during months when the test takes place.
The youth unemployment rate set a monthly high every month this year except January.
The overall unemployment rate in June was 3.6 percent, down 0.3 percentage point on-year. A total of 26.56 million people were employed, up 354,000 from the same month of last year. The rise was largely thanks to the rebound in the hospitality industry after the outbreak of the Middle East Respiratory Syndrome last year.
Regions affected by large-scale restructuring in the shipbuilding industry saw their unemployment rates soar to 3.9 percent in South Gyeongsang Province, 3.6 percent in Ulsan, 2.6 percent in South Jeolla Province and 2.3 percent in North Jeolla Province.
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