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.
The number of people employed was 24.28 million last month, up from 314 000 from a year earlier thanks to higher recruitment in manufacturing. This rate is lower than the increase in 586 000 year-to-year in May. On Monday, the central bank increased its estimate for economic growth this year to 5.9 percent from 5.2 percent earlier.