S. Korea’s jobless rate dips by 0.3% in July

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By Nada Ali
South Korea’s low unemployment has helped shore up confidence in the economy at a time when the prices of key staples are rising rapidly.Photographer: Jean Chung/Bloomberg

South Korea’s unemployment rate declined to 2.5 per cent in July, marking a decrease from the 2.8 per cent rate reported in June, according to data released by Korean Statistical Information Service (KOSIS) on Wednesday.

The economically active population reached 29.594 million in July, representing a year-on-year increase of 102,000 people or 0.3 per cent.

However, the labour force participation rate decreased by 0.1 per cent year-on-year to 64.9 per cent, the report added.

The number of employed individuals rose by 0.6 per cent year-on-year to reach 28.857 million in July. This growth contributed to an increase in the employment-to-population ratio by 0.1 per cent year-on-year to 63.3 per cent.

Attribution: Korean Statistical Information Service report

Subediting: M. S. Salama

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