S. Korea's jobless rate rises on youth unemployment

Source:Xinhua Published: 2013-11-13 10:07:48

South Korea's jobless rate rose last month as unemployment of young people grew at a fast pace, with fresh jobs created mostly among senior citizens, a government report showed Wednesday.

Unemployment rate was 2.8 percent in October, up 0.1 percentage point from the previous month, according to Statistics Korea. From a year earlier, the rate was unchanged.

The unemployment rate gauges the percentage of those unemployed who actively sought jobs over the past four weeks to the economically active population, or the sum of people employed and unemployed.

Jobless rate among those aged between 15 and 29 rose 0.1 percentage point from a month earlier to 7.8 percent last month.

The number of those unemployed, who failed to land work despite job-hunting efforts, gained 6,000 in October from a year earlier after decreasing 32,000 in the prior month. The October gain was attributable to an increase in youth unemployment.

The number of those aged between 20 and 24 who lost their jobs jumped 24.9 percent on year in October, with the figure for those aged from 25 to 29 climbing 11 percent. The rise was in a stark contrast to a reduction in the unemployment of other age groups.

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