ID :
55640
Wed, 04/15/2009 - 19:15
Auther :
Shortlink :
https://www.oananews.org//node/55640
The shortlink copeid
S. Korea`s jobless rate rises to 4 pct in March
(ATTN: RECASTS lead; ADDS details from 4th para)
SEOUL, April 15 (Yonhap) -- South Korea's jobless rate inched up in March but job
loss accelerated sharply as companies trimmed recruitment for fear of a worsening
economic downturn, a government report showed Wednesday.
The unemployment rate stood at 4 percent last month, up from the previous month's
3.9 percent, according to the report by the National Statistical Office.
The March figure was in line with a median forecast in a poll by Yonhap Infomax,
the financial news arm of Yonhap News Agency.
Job losses accelerated, with employers eliminating 195,000 positions from their
payrolls compared with a year earlier, the highest since March 1999 when the
nation was in the midst of the Asian financial crisis.
"The job market remains in a slump as business owners are not convinced of a fast
recovery despite recently improving economic indicators," said Jeon Min-kyu, an
analyst at Korea Investment & Securities. "It will take some time for the mood to
change.
The bleak figures come as South Korea's economy is showing some signs of
improving after a sharp downturn in the wake of global financial turmoil that
began last summer.
According to the central bank, gross domestic product rose 0.2 percent in the
first quarter from three months earlier after falling 5.1 percent in the last
quarter of 2008.
Industrial and service-sector output expanded in recent months with currency and
stock markets beginning to stabilize, Finance Minister Yoon Jeung-hyun said
during an earlier meeting.
The nation will likely post a significant trade surplus this year as exports are
expected to gain momentum despite a global economic downturn, he added.
The minister, however, said that both positive and negative factors coexist under
the current economic conditions, citing the global economic downturn and
tightening domestic labor markets as downside risks.
"Later this month, the International Monetary Fund will unveil a report on the
world economy, which will likely paint a more pessimistic view," the minister
said. "Employment is also expected to remain tough.
The South Korean economy, Asia's fourth-largest, is expected to contract 2.4
percent this year, compared with a 2.2 percent advance last year, according to
the latest prediction by the central bank.
The local job market has been hit hard by the slumping economy.
The number of people who received jobless benefits hit a record-high in March,
while the number of unemployed totaled 952,000, the largest since February 2006
when 953,000 jobs were lost, according to government data.
Placing its top priority on job creation, the government has unveiled a raft of
stimulus measures, including tax cuts and fiscal spending.
Last month, the Finance Ministry announced a record 28.9 trillion won extra
budget to generate jobs and revive the economy. The spending plan is awaiting
approval by lawmakers.
kokobj@yna.co.kr
(END)
SEOUL, April 15 (Yonhap) -- South Korea's jobless rate inched up in March but job
loss accelerated sharply as companies trimmed recruitment for fear of a worsening
economic downturn, a government report showed Wednesday.
The unemployment rate stood at 4 percent last month, up from the previous month's
3.9 percent, according to the report by the National Statistical Office.
The March figure was in line with a median forecast in a poll by Yonhap Infomax,
the financial news arm of Yonhap News Agency.
Job losses accelerated, with employers eliminating 195,000 positions from their
payrolls compared with a year earlier, the highest since March 1999 when the
nation was in the midst of the Asian financial crisis.
"The job market remains in a slump as business owners are not convinced of a fast
recovery despite recently improving economic indicators," said Jeon Min-kyu, an
analyst at Korea Investment & Securities. "It will take some time for the mood to
change.
The bleak figures come as South Korea's economy is showing some signs of
improving after a sharp downturn in the wake of global financial turmoil that
began last summer.
According to the central bank, gross domestic product rose 0.2 percent in the
first quarter from three months earlier after falling 5.1 percent in the last
quarter of 2008.
Industrial and service-sector output expanded in recent months with currency and
stock markets beginning to stabilize, Finance Minister Yoon Jeung-hyun said
during an earlier meeting.
The nation will likely post a significant trade surplus this year as exports are
expected to gain momentum despite a global economic downturn, he added.
The minister, however, said that both positive and negative factors coexist under
the current economic conditions, citing the global economic downturn and
tightening domestic labor markets as downside risks.
"Later this month, the International Monetary Fund will unveil a report on the
world economy, which will likely paint a more pessimistic view," the minister
said. "Employment is also expected to remain tough.
The South Korean economy, Asia's fourth-largest, is expected to contract 2.4
percent this year, compared with a 2.2 percent advance last year, according to
the latest prediction by the central bank.
The local job market has been hit hard by the slumping economy.
The number of people who received jobless benefits hit a record-high in March,
while the number of unemployed totaled 952,000, the largest since February 2006
when 953,000 jobs were lost, according to government data.
Placing its top priority on job creation, the government has unveiled a raft of
stimulus measures, including tax cuts and fiscal spending.
Last month, the Finance Ministry announced a record 28.9 trillion won extra
budget to generate jobs and revive the economy. The spending plan is awaiting
approval by lawmakers.
kokobj@yna.co.kr
(END)
