S. Korea's jobless rate falls to 3.2% in May

13:45, June 09, 2010      

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South Korea's jobless rate fell to 3. 2 percent in May, down from 3.8 percent in the previous month, thanks to a faster-than-expected economic recovery, a government report showed Wednesday.

According to the report by Statistics Korea, the unemployment rate declined for the fourth consecutive month in May, with the total number of the jobless plunging to 793,000 in May from the previous month's 934,000.

The number of employed workers, on the other hand, rose 586,000 to 24.3 million during the same period, marking an eight-year high, the report said.

The gain came as brisk export conditions boosted up job offerings amid a strong recovery in the overall economy, according to the report.

Meanwhile, the employment condition for the young still remained sluggish, with the jobless rate among those aged 15 to 29 posting 6.4 percent.

The data for the young was, however, down from the April figure of 8.6 percent thanks to government efforts on the hiring of young people.

Hit by a global economic slump, South Korea's finance ministry has been placing job creation as its top priority macroeconomic policy, vowing to maintain its policy focus on employment in the private sector.



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