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S.Korea's youth jobless rate rises to 9.7 pct in May

Xinhua, June 15, 2016 Adjust font size:

Youth jobless rate in South Korea rose to 9.7 percent in May, higher than any figure tallied in the month in past years, a government report showed on Wednesday.

The May unemployment rate among youths aged 15-29 was 9.7 percent, up 0.4 percentage points from a year earlier, according to Statistics Korea.

The jobless rate among youths continued to rose from 7.4 percent in May 2013 to 8.7 percent in May 2014 and 9.3 percent in the month in 2015.

Actual youth jobless rate, which includes those unemployed who irregular jobs but want to get a full-time one, already surpassed more than 30 percent, according to the Hyundai Research institute (HRI) report.

Overall unemployment rate was 3.7 percent in May, down 0.1 percentage point from a year earlier. But, the so-called sentiment jobless rate reached 10.8 percent last month.

An official unemployment rate gauges the percentage of those unemployed who actively sought jobs in the past four weeks to the sum of those employed and unemployed.

The sentiment jobless rate, which measures the potentially unemployed, includes part-time workers who hope to get a regular job working more than 36 hours a week and those who want to work but reply during the job survey that they conducted no job-searching efforts in the past four weeks.

The unemployment rate in regions along the country's southeast coastline, where shipbuilding docks and ports are gathered, gained 1.2 percentage points from a year earlier to 3.7 percent in May amid the government-led restructuring.

The government ordered shipbuilders to submit self-restructuring plan, including wage and pay cuts, in return for extended loans by state-run banks to shipbuilders that had been struggling with massive losses and shrinking orders amid the global economic slowdown and oil price declines. Endit