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S. Korea adds 298,000 jobs in July, jobless rate at 3.5 pct

Xinhua, August 10, 2016 Adjust font size:

South Korea's economy added 298,000 jobs in July from a year earlier, with jobless rate recording 3.5 percent, a government report showed on Wednesday.

The number of those employed reached 26,603,000 in July, up 298,000 from the same month of last year, according to Statistics Korea. It was a decline from 354,000 jobs created in June.

Employment among manufacturers reduced 65,000 last month, posting a fall for the first time in 49 months. It followed the ongoing restructuring process in shipbuilding and shipping lines amid faltering exports.

The employment rate inched up 0.1 percentage point from a year earlier to 61.2 percent in July. The hiring rate among those aged 15-29 gained 1.2 percentage points to 43.6 percent as job creation in their 20s increased 90,000.

The OECD-method employment rate among those aged 15-64 rose 0.4 percentage points over the year to 66.7 percent in July, keeping an upward trend for 38 months in a row.

Jobless rate declined 0.2 percentage points to 3.5 percent in July. The number of those unemployed reduced 24,000 in July from a year earlier.

The unemployment rate among youths fell 0.2 percentage points over the year to 9.2 percent in July. Endit