South Korea’s jobless rate inched down in July from a month earlier, and job creation accelerated thanks to improvements in the manufacturing, retail and construction sectors, a government report showed Wednesday.
According to the report by Statistics Korea, the jobless rate stood at 3.4% last month, down from a revised 3.5% in June. The seasonally adjusted jobless rate also fell to 3.4% from the previous month’s 3.6%, (Yonhap) news agency reported.
The number of employed people in July came to 25.98 million, up 505,000 from a year earlier. This is larger than the previous month’s 398,000 and marks the first time in three months that the on-year job creation has exceeded 500,000.