ID :
29805
Wed, 11/12/2008 - 21:46
Auther :
Shortlink :
https://www.oananews.org//node/29805
The shortlink copeid
S. Korea's jobless rate held at 3 pct in October
SEOUL, Nov. 12 (Yonhap) -- South Korea's jobless rate remained unchanged in October but job creation slumped to a 44-month low as companies stayed reluctant to hire workers amid bleak economic outlooks, a government report showed Wednesday.
The unemployment rate was 3 percent last month, unchanged from a month ago,
according to the report by the National Statistical Office. The figure is
slightly lower than a median forecast of 3.1 percent in a poll conducted by
Yonhap Infomax, the financial news arm of Yonhap News Agency.
The economy generated 97,000 new jobs in October compared with a year earlier,
decelerating from 112,000 created in September. Job growth was the lowest level
since February 2005 when 80,000 new jobs were created, according to the office.
The office attributed the slumping job market to the overall deteriorating
economic conditions at home and abroad.
"The October data demonstrates how gloomy the corporate sector paints the outlook
for the economy," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
"Slowing job creation will likely continue for the time being, putting a damper
on consumption by decreasing households' disposable income."
Slowing job creation is yet another headache for policymakers, who are seeking to
reactivate domestic consumption and kick-start the economy.
Job growth has been one of top priorities for the government of President Lee
Myung-bak, who took office in February. He aims to create around 200,000 new
jobs annually.
Finance Minister Kang Man-soo earlier emphasized the importance of job creation
in a meeting, saying the government's top priority is to generate work
opportunities. That goal is part of a larger effort to keep global financial
turmoil from affecting the local economy.
The state-run think tank Korea Development Institute forecast that South Korea's
economy will grow 3.3 percent next year as prolonged financial instability
worldwide affect consumption and exports. The projection is far lower than the
government's annual target of 4 percent.
The unemployment rate was 3 percent last month, unchanged from a month ago,
according to the report by the National Statistical Office. The figure is
slightly lower than a median forecast of 3.1 percent in a poll conducted by
Yonhap Infomax, the financial news arm of Yonhap News Agency.
The economy generated 97,000 new jobs in October compared with a year earlier,
decelerating from 112,000 created in September. Job growth was the lowest level
since February 2005 when 80,000 new jobs were created, according to the office.
The office attributed the slumping job market to the overall deteriorating
economic conditions at home and abroad.
"The October data demonstrates how gloomy the corporate sector paints the outlook
for the economy," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
"Slowing job creation will likely continue for the time being, putting a damper
on consumption by decreasing households' disposable income."
Slowing job creation is yet another headache for policymakers, who are seeking to
reactivate domestic consumption and kick-start the economy.
Job growth has been one of top priorities for the government of President Lee
Myung-bak, who took office in February. He aims to create around 200,000 new
jobs annually.
Finance Minister Kang Man-soo earlier emphasized the importance of job creation
in a meeting, saying the government's top priority is to generate work
opportunities. That goal is part of a larger effort to keep global financial
turmoil from affecting the local economy.
The state-run think tank Korea Development Institute forecast that South Korea's
economy will grow 3.3 percent next year as prolonged financial instability
worldwide affect consumption and exports. The projection is far lower than the
government's annual target of 4 percent.
