South Korea’s Unemployment Rate Rises by 3.8 Percent in August
South Korea's unemployment rate increased by 3.8 Percent in August compared from the previous data last year.
According to a government report on Tuesday, the unemployment rate for young adults in South Korea still remains high and it prolongs the economic slump. In the last two months, the unemployment rate percentage is at 3.6 percent which shows an increase of about 0.2 Percent in the data gathered on the month of August.
South Korea is a member of the G20, an organization of top 20 strongest economies in the world. It is also considered as one of the richest country in the world and labeled itself as a 'developed country' with high wages and stable economy.
South Korea, which is known as the Asia's fourth-largest economy, recorded an unemployment rate of 3.8 percent last month. Meanwhile, the percentage tallied on the month of July is 3.5 percent according to Statistics Korea.
In August this year, the number of employed people in South Korea is 26.5 million which increased by 387,000 compared from last year. It also has a monthly gain rapidly expanding with 298,000 people from the previous month.
Young people's unemployment rate ages 15-29 reached 9.3 percent last month. It is slightly increased from July's record of 9.2 percent.
"More than 220,000 people applied for civil-servant job hiring since late January, which was a record high. The stiff competition in the job market is leaving many young people without jobs," Sim Won Bo, a director at Statistics Korea said.
The unemployment rate in South Korea measures the number of people who are looking for a job. It tends to rise up due to the serious job competition in the country. It also somehow results to a slowdown in South Korea's economy.
Furthermore, many countries around the world are also facing unemployment issues. According to some economists, unemployment causes a slight ripple effect in a country's economy. In order to surpass this problem, a country's government must be financially capable and stable.