South Korean Unemployment Rate Rose
South Korea's unemployment rate rose in June for the first time in five months but manufacturers continue to create jobs as the economy recovers, official figures showed Wednesday in Seoul. The increase in the unemployment rate to 3.5 percent last month compared with 3.2 percent in May due to the reduction in the number of temporary jobs provided by the government, said the Statistics of Korea, as quoted from the AFP.
"The government is reducing the number (country while providing employment) 100,000 from 250,000, but the manufacturing sector, driven by strong exports, led the increase in the number of jobs," said the office.
Oil Prices Slide on Fears of U.S. Recovery
Oil prices fell for the seventh consecutive session on Tuesday, amid market concerns that U.S. economic recovery could be slowed. New York's main contract, light sweet crude for delivery in August, was reversing early rise to over 16 cents lower at 71.98 dollars per barrel. On the first day of trading after the long holiday weekend, the contract reached a daily high 73.86 dollars before giving up on selling pressure. Brent North Sea crude for delivery in August in London declined two cents to 71.45 dollars per dollar.
Investors seem worried about the decline more steeply than expected the main index measures the strength of the U.S. service sector. Institute of Supply Management (ISM) said Tuesday that the non-manufacturing index fell to 53.8 points from 55.4 in May. Most economists estimate the figure in June was at 55.0 after a relatively stable for the previous three months.