Statistics Korea reported on Wednesday that South Korea’s employment rate had recovered in August, rising by 268,000 from the same period in the previous year. The total number of employed people in the country was 28.67 million, and the unemployment rate was 2%.
The previous month’s job growth had been the lowest in 29 months, with only 211,000 additions. In response to the slowing economic growth and moderating inflation, the Bank of Korea maintained its key interest rate at 3.5% for the fifth consecutive month. This followed seven consecutive rate hikes from April 2022 to January 2023, which had a negative effect on employment as businesses and households reduced their spending.
High school students participate in a job fair in southern Seoul on Sept. 7, 2023. (Yonhap)
colin@yna.co.kr
(END)