Korea's unemployment rate hits 5-year high of 4.6% in February
- 9 years ago
The so-called "real unemployment rate" is a record that's been kept since last year.
It's different from the general unemployment rate… which rose significantly compared to last month and the year before.
Our Shin Se-min has the details.
The nation's unemployment rate hit a five-year high in February of 4-point-6 percent,... a jump from 3-point-8 from January,... and point-1 percentage point higher than the year before.
Statistics Korea said Wednesday that the high jobless figure comes on the back of seasonal factors.
February is when students in Korea graduate, pushing the unemployment rate up that month.
In addition, Korea's "real unemployment rate" in February hit a record-high of 12-point-5 percent since data collection began last May.
That's three times as high as the official rate.
The "real unemployment rate" includes day laborers, people who are looking for a job, those who are under-employed and those who have given up looking for a job.
The figure is much broader than the official unemployment rate, which only accounts for the number of people who want jobs but have failed to get one.
Despite the rise in the unemployment rate, the number of jobs created increased as well.
Over 370-thousand new jobs were created last month compared to the year before.
The number of employed people topped some 25-point-2 million last month,... also thanks to seasonal factors,... as major local companies hold the first of two annual recruiting rounds during that time of year.
"Graduation season has two major effects on the job market. Some graduates may be hired right off the bat,... while others may remain jobless. So this is the reason behind the surge in both the jobless and employment rates last month."
Statistics Korea also said more young people and people in their 50s found jobs last month, boosting the employment rate.
Shin Se-min, Arirang News.
It's different from the general unemployment rate… which rose significantly compared to last month and the year before.
Our Shin Se-min has the details.
The nation's unemployment rate hit a five-year high in February of 4-point-6 percent,... a jump from 3-point-8 from January,... and point-1 percentage point higher than the year before.
Statistics Korea said Wednesday that the high jobless figure comes on the back of seasonal factors.
February is when students in Korea graduate, pushing the unemployment rate up that month.
In addition, Korea's "real unemployment rate" in February hit a record-high of 12-point-5 percent since data collection began last May.
That's three times as high as the official rate.
The "real unemployment rate" includes day laborers, people who are looking for a job, those who are under-employed and those who have given up looking for a job.
The figure is much broader than the official unemployment rate, which only accounts for the number of people who want jobs but have failed to get one.
Despite the rise in the unemployment rate, the number of jobs created increased as well.
Over 370-thousand new jobs were created last month compared to the year before.
The number of employed people topped some 25-point-2 million last month,... also thanks to seasonal factors,... as major local companies hold the first of two annual recruiting rounds during that time of year.
"Graduation season has two major effects on the job market. Some graduates may be hired right off the bat,... while others may remain jobless. So this is the reason behind the surge in both the jobless and employment rates last month."
Statistics Korea also said more young people and people in their 50s found jobs last month, boosting the employment rate.
Shin Se-min, Arirang News.