Youth Unemployment Hits New Record

  • By Ahn Jun-yong

    November 10, 2016 10:21

    Unemployment hit an 11-year high in October as the shipbuilding industry lays off thousands of workers.

    The number of workers in the manufacturing sector declined for four straight months as a result of the restructuring in the shipping and shipbuilding industries and the protracted slump.

    Unemployment stood at 3.4 percent in October, up 0.3 percentage points from a year earlier, according to a report by Statistics Korea on Wednesday. It was the highest October figure since 2005.

    Last month, 923,000 people out of the economically active population of 27.5 million were jobless, up 84,000 on-year.

    The number of jobless people in their 40s fell by 5,000 but that of those in their 20s increased by 74,000 on-year. Unemployment among people aged 15-29 stood at a whopping 8.5 percent, up 1.1 percentage points on-year and a 17-year high.

    Employment also rose as some 26.58 million people had jobs in October, up 278,000 from a year ago, but job growth has stagnated since September.

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