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S.Korea's manufacturers create lowest monthly jobs since 2009

Xinhua, September 8, 2016 Adjust font size:

South Korean manufacturers created the lowest monthly jobs in August since the 2009 global financial crisis due to an ongoing restructuring in troubled shipbuilding and shipping industries, a government report showed on Thursday.

The manufacturing industry, which accounts for the largest of total job creation, added 9,000 jobs in August, marking the lowest growth since November 2009 when 6,300 jobs are created, according to the Ministry of Employment and Labor.

The lackluster figure came as shipbuilders and shipping firms are under a government-led reorganization process.

Three major shipbuilders, including Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, submitted plans to cut workforce by 30 percent and reduce capacity by 20 percent by the end of 2018.

Hanjin Shipping, the country's biggest container shipping line, had filed for court receivership as creditors refused to provide further funding on lower freight rates and continued losses amid falling global trade.

Employment in other transport equipment manufacturers, including ships, railways and aircraft equipments, declined 22,000 last month, maintaining the downward momentum for eight straight months.

It was in a stark contrast to 337,000 jobs added in August from a year earlier in overall industries.

Job creation in electronic parts, computers and communication equipments also fell 16,000 in August compared with the same month of last year. Enditem