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S. Korea's job growth slows in July amid economic uncertainty

All News 08:00 August 10, 2022

By Kim Soo-yeon

SEOUL, Aug. 10 (Yonhap) -- South Korea reported job additions for the 17th straight month in July, but the pace of job growth slowed from the previous month amid heightened economic uncertainty, data showed Wednesday.

The number of employed people came to 28.48 million last month, up 826,000 from a year earlier, according to the data compiled by Statistics Korea.

The July figure was lower than the on-year increase of 841,000 tallied in June. In May, 935,000 jobs were added from a year ago.

The country's jobless rate fell 0.3 percentage point on-year to 2.9 percent in July.

The South Korean economy faces the risk of stagflation, a mix of slowing growth and high inflation, as external economic uncertainty has increased from the ongoing war between Russia and Ukraine, as well as global monetary tightening.

In this file photo, jobseekers look at employment information at a job fair held at the Convention and Exhibition Center in southern Seoul on July 5, 2022. (Yonhap)


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