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Bloomberg
South Korea’s jobless rate ticked higher for a third month, an unexpected outcome that illustrates the challenge of boosting hiring in an economy struggling with slumping exports and weak
investment.
The unemployment rate climbed to 3.6% in November, seasonally adjusted data from the statistics office showed Wednesday. Economists had predicted the rate would stay unchanged at 3.5%. The jobless figure has climbed for three months since hitting a six-year-low of 3.1% in
August.
The report shows South Korea’s job market remains on a wobbly footing, with exports dropping by double-digits most months this year.
The biggest jobs gains in November came for people in their 60s, where hiring rose 1.4%. The number reflected government social welfare programs, which focus on providing part-time employment for older people who’ve already retired from full-time jobs.