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Jobless rate steady at 3.4 pct in Dec., 516,000 jobs created

All News 08:02 January 15, 2020

SEJONG, Jan. 15 (Yonhap) -- South Korea's jobless rate remained flat at 3.4 percent in December, with job additions coming to 516,000, data showed Wednesday.

The number of employed people reached 27.15 million in December last year, according to the data compiled by Statistics Korea.

The unemployment rate for young adults -- those aged between 15 and 29 -- fell to 7.3 percent last month from 8.3 percent tallied a year earlier.

The jobs data came amid worries that South Korea's economy is losing its growth momentum in the face of falling exports and weak domestic demand.

South Korea's exports fell 10.3 percent on-year in 2019 to $542.4 billion, according to government data.

For December last year, the monthly exports slipped 5.2 percent on-year to $45.7 billion to extend their slump to a whopping 13th consecutive month.

But this year's outbound shipments are forecast to rise 3 percent.

The nation's economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.


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