Older workers pull South Korea jobless rate down to record low By Reuters

By Choonsik Yoo

SEOUL (Reuters) -South Korea’s unemployment level has fallen again to a report low, knowledge confirmed on Wednesday, primarily due to increased employment among persons aged 60 and over, and as shrinking exports and a sluggish housing market place have nevertheless to substantially strike payrolls.

The unemployment charge was 2.6% in February as opposed to 2.9% in January on a seasonally altered basis, matching a document very low also touched in August, confirmed knowledge from Statistics Korea.

Economists claimed the information is a single of the most time-lagging indicators.

“Producing and building sectors, amongst others, will soon commence to exhibit the effects of shrinking exports and a weakening housing market,” stated Park Sang-hyun at Hi Investment and Securities.

Persons aged 60 or more mature contributed most to the declining unemployment rate with the figure in this age group falling to 1.6% from 2.6% a thirty day period before. The jobless premiums for other age teams altered minor, with some soaring slightly.

Exports fell in just about every of the earlier five months from a year earlier as the international economy slowed just after a series of monetary tightening steps around the globe.