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Unemployment in South Korea remained at 3.6% in August

The unemployment rate in South Korea stood at 3.6% year-on-year in August, but rose one tenth from the previous month, the South Korean government said on Thursday.

The unemployment rate in South Korea stood at 3.6% year-on-year in August, but rose one tenth of a percentage point from the previous month, the government reported today. Although unemployment in the Asian country remained stable with respect to the previous year, job creation fell to its worst level in four and a half years due to the lack of signs of economic recovery, according to the Statistical Office of the Government.

The number of people in employment reached 26.7 million in August with the creation of 212,000 new jobs, the worst figure since February 2013, when it registered 201,000.

The sharp drop in construction contracting due mainly to the rainy season last month - which led many companies not to employ part-time workers - dragged the creation of total employment in the country, the agency said.

The number of new jobs offered by the hotel industry fell by 1.7% year-on-year (40,000 jobs less) in August to 2.3 million, while the transport sector were contracted 1.38 million people, 14,000 less than in 2016.

As for the unemployment rate of people between 15 and 29 years, the figure rose one tenth to 9.4% year-on-year. upward trend in youth unemployment in the fourth Asian economy is one of the pending issues of the Government.

The number of people economically active in South Korea in August increased by 0.8% year-on-year to 27.7 million, although the growth rate has declined from 1.1% in July and 1.3% in June.

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