December 14, 2018 13:33
Korea has suffered a huge increase in its economically inactive population who are either taking a break or have given up looking for jobs altogether. The number of the long-term unemployed has also reached a record high.
According to Statistics Korea on Thursday, there were 16.2 million economically inactive people in the country last month, up 41,000 on-year.
The number who said they are taking a break due to childcare, studies, old age, illness or to prepare for job searches increased by 90,000 to 1.82 million, the highest figure for November since the government began tallying such data in 2003.
The increase was particularly noticeable among those in their 30s with the figure up 21,000 to 281,000.
The number of people who gave up looking for jobs also surged by 85,000 to a record 535,000.
Long-term unemployment is also getting worse. The number of unemployed people who have been looking for jobs for more than six months averaged 153,000 a month from January to November this year, the most since 2001 and double the figure during the global financial crisis in 2009.
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