South Korea's unemployment rate rose for a second straight month in July to its highest level since January, with job growth at its slowest pace in nearly 2 1/2 years.
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| South Korea's unemployment rate rose for the second consecutive month in July. (Source: Reuters) |
The country's unemployment rate rose to 2.8 percent in July on a seasonally adjusted basis from 2.6 percent in June, according to data released by Statistics Korea on August 9. The unemployment rate of 2.5 percent in May was the lowest since data began to be recorded in June 1999.
The number of people in employment increased by 211,000 in July from a year earlier, down from a 333,000 increase in June and the lowest since February 2021.
In South Korea, the health and welfare sector added 145,000 jobs. Accommodation and food services also added 125,000 jobs. However, the construction and agriculture sectors lost 43,000 and 42,000 jobs, respectively.
Finance Minister Choo Kyung-ho said after the data was released that job growth slowed in July due to a decline in industries affected by heavy rains, but the overall data maintained a stable trend.
South Korea's economic growth picked up in the second quarter, largely thanks to an improvement in trade, while weaker consumer and business spending pointed to a weak recovery.
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