South Korea’s Unemployment Rate Rises In January
The government of South Korea reported that the country’s unemployment rate increased in the first month of this year from a month earlier amid increasing global economic uncertainty.
According to the reports Korea in its latest report said that the rate of unemployment in the country was 3.5% in the month of January as compared with 3% in December, while the South Korean economy, gained 536,000 jobs in January as compared with the same period in 2011.
Analyst Suh Dae-Il at Daewoo Securities said that the relatively fast job creation pace is partly due to a low base last year.
Suh said that on a monthly basis things are not showing signals of marked improvement, adding that cruel worldwide economic situations and slowing export growth of the country will likely serve as a drag for the time being.
The Korean economists said that for the first time, the trade balance of the country turned into the red in two years January due to a drop in exports and last month the its exports sales decreased 6.6% on-year to $41.54 billion, added that the domestic situation is also not very bright.
The governments recent report said that the hiring environment especially for younger Koreans is worsening and the rate of unemployment in country for those aged between 15 and 29 stood at 8% in January, up from 7.7% in December.
Last week, the central bank of Korea held off raising benchmark interest rates for an eighth month. The Bank of Korea said that all the external unrest, weak consumer and business sentiment, and high household debt are weighing on growth and downside risks are greater than upside risks.
*************************************************************
The Views and Opinions expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
