Jobless in S. Korea probably exceeds 1 mln: minister

BALI, Indonesia, May 4 (Yonhap) -- The number of jobless people in South Korea is
estimated to have exceeded the 1 million mark in April amid a protracted economic
slowdown, the nation's top economic policymaker said Monday.

Attending the annual meetings of the Asian Development Bank here, Finance
Minister Yoon Jeung-hyun told reporters that the government has to step up
efforts to help jobless people and the low-income population tide over the
ongoing economic crisis.
"The March labor data showed that the number of unemployed totaled 950,000 with
the unemployment rate rising to 4 percent and the rate for younger people to 8.8
percent," Yoon said, adding the number will likely exceed the 1-million mark in
an April report on unemployment to be unveiled this month.
"We need to strengthen the social network to help those who are out of work and
low-income people through extra spending plans," he added.
Though outside assessments of the local economy are taking an optimistic turn,
Yoon noted that it is "still too early to say that (the economy) has bottomed
out," citing sluggish exports, corporate investment and domestic consumption as
downside risks.
His remarks come amid budding optimism that the economy, Asia's fourth-largest,
is showing sings of stabilization with some indicators, including industrial
output, hinting that the worst might be nearing an end.
Still, consumption and corporate investment remain weak, weighing on the economy.
According to government data, consumer goods sales declined 5.3 percent in March
from a year earlier. Companies trimmed investment for fear of worsening economic
conditions, with facility investment plunging 23.7 percent in March from a year
earlier
The South Korean economy is feared to contract 2.4 percent this year, the first
minus growth since the 1997-98 financial meltdown, the central bank said earlier.
kokobj@yna.co.kr
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