[Aju News DB]
South Korea's unemployment rate in February jumped above four percent for the first time since 2010, Statistics Korea data showed Wednesday, amid a slowing economy.
The unemployment rate in February in seasonally adjusted terms jumped to 4.1 percent, up from 3.5 percent in January. This was the highest since a 4.2 percent rate seen in February 2010.
In particular, the country’s youth jobless rate (aged between 15 and 29 ) surged to an all-time high of 12.5 percent in February, sharply up from 9.5 percent in January, as more college graduates failed to land jobs.
The February youth jobless rate represents the highest monthly figure since the government started compiling related data in 1999.
The country’s other key data have shown manufacturing, consumer and trade conditions weakening this year. February exports tumbled in their 14th consecutive month of declines, with the longest slump in the country's modern history. January industrial output fell 1.8 percent from December, far worse than a 0.5 percent gain for December. It was also the sharpest decline since a 3.5 percent drop in January 2015.
But Finance Minister Yoo Il-ho said the government does not intend to add stimulus early in the fiscal year with an extra budget, although it has the budgetary means to do so if necessary.
"We were aggressive in our spending by drawing up a supplementary budget last year but we do not feel that we need another one at this point," Yoo told reporters.
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"We do have the room to do so, but there is a risk the situation may become more difficult down the road so we are being careful."
The Bank of Korea again kept interest rates on hold this month at a record low 1.5 percent, but analysts say the central bank are likely to cut rates in April or sometime later in the year.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
