© Reuters. FILE PHOTO: A person appears at a doc throughout a job truthful in Seoul, South Korea, April 12, 2017. REUTERS/Kim Hong-Ji
By Choonsik Yoo
SEOUL (Reuters) -South Korea’s unemployment charge has fallen again to a document low, information confirmed on Wednesday, primarily as a result of elevated employment amongst individuals aged 60 and over, and as shrinking exports and a sluggish housing market have but to considerably hit payrolls.
The unemployment charge was 2.6% in February versus 2.9% in January on a seasonally adjusted foundation, matching a document low additionally touched in August, confirmed information from Statistics Korea.
Economists mentioned the info is among the most time-lagging indicators.
“Manufacturing and building sectors, amongst others, will quickly start to point out the results of shrinking exports and a weakening housing market,” mentioned Park Sang-hyun at HI Funding and Securities.
Individuals aged 60 or older contributed most to the declining unemployment charge with the determine on this age group falling to 1.6% from 2.6% a month earlier. The jobless charges for different age teams modified little, with some rising barely.
Exports fell in every of the previous 5 months from a yr earlier as the worldwide financial system slowed after a collection of financial tightening measures worldwide.
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