SEOUL- South Korea’s August unemployment rate fell to the lowest on record, suggesting the economic recovery from the COVID-19 pandemic was on track, though a breakdown of data showed labor conditions in the key manufacturing sector remained weak.
The seasonally adjusted unemployment rate in August dropped to 2.8 percent, Statistics Korea data showed on Wednesday, the lowest since data releases began in June 1999 and the third straight month of decline. The rate stood at 3.3 percent in July.
The number of employed increased by 518,000 from a year earlier, after 542,000 jobs were added in July.
Jobs were mostly added in healthcare and social services, construction, and transportation and warehouses, the data showed.
Labor conditions in the key manufacturing sector, however, remained weak, with the number of employed falling to an eight-year low of 4,289,000 – 76,000 less than the comparable month in 2020.
“In detail, there were less jobs in auto and trailer manufacturers, while jobs decline in textile product makers worsened. Jobs growth in electronics-related manufacturers also turned negative,” a statistics bureau official told reporters. – Reuters
