South Korea Lost 40,000 Jobs in May Amid Economic Uncertainties
Quick Look
- South Korea experienced its first job loss in 17 months in May, with 40,000 fewer employed people compared to the previous year.
- The jobless rate rose to 2.9%, and youth employment also saw a significant decline.
AI-generated summary
Why It Matters
South Korea's job market experienced a decline in May, with 40,000 fewer jobs compared to the previous year. This marks the first such decrease in 17 months, occurring amidst prevailing economic uncertainties.
SEOUL, June 11 (Yonhap) -- South Korea lost 40,000 jobs in May from a year earlier, government data showed Thursday, marking the first decline in 17 months amid economic uncertainties.
The number of employed people came to 29.12 million in May, compared with 29.16 million a year earlier, according to data from the Ministry of Data and Statistics.
Job growth had remained in the 200,000 range in February and March before slowing to 74,000 in April.
The country's jobless rate came to 2.9 percent last month, up 0.1 percentage point from a year earlier. The number of unemployed people totaled 878,000 in May, up 25,000 over the period.
The employment rate for people aged 15 to 29 came to 43.8 percent, down 2.4 percentage points from a year earlier.
Open Questions
- What specific economic factors are contributing most to the job losses?
- What measures is the government considering to address the declining employment?
- What is the projected outlook for the South Korean job market in the coming months?
