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S. Korea's job growth declines to four-month low

Xinhua, September 9, 2015 Adjust font size:

South Korea's monthly job growth declined to the lowest in four months, indicating the still lackluster labor market conditions, a government report showed Wednesday.

The number of those employed totaled 26,141,000 in August, up 256,000 from a year ago, according to Statistics Korea. However, it was the lowest August growth since August 2009 when the global financial crisis was going on and only 3,000 jobs were added.

The monthly job growth rebounded from 216,000 in April to 379, 000 in May, boosting hopes for recovery in the labor market.

However, it turned downward from 329,000 in June and 326,000 in July following the outbreak of the Middle East Respiratory Syndrome (MERS). The figure fell below the 300,000 level last month, indicating the still faltering labor market.

Job creation among manufacturers and service companies increased 3.6 percent and 4.8 percent each last month, but those in agricultural and the finance and insurance sectors slumped 7.2 percent and 5.7 percent respectively.

The reading in the wholesale and retail industry dipped 1.9 percent in August, marking the first decline in almost two years. Consumers refrained from spending on concerns about economic slump and low income, contributing to the job reduction in the industry.

The South Korean finance ministry attributed the August slowdown in job growth to the high base effect, arguing that in August 2014, some 600,000 jobs were added on a yearly basis, while the August figure in 2015 posted a relatively slow increase. Endi