Youth jobless rate in S.Korea hits 17-year high in June

Jobless rate among South Korean youths recorded a higher June figure than any other readings of the same month in 17 years, a government report showed on Wednesday.

The unemployment rate among those aged 15-29 rose 0.1 percentage point to reach 10.3 percent in June, the highest since June 1999 when it posted 11.3 percent, according to Statistics Korea.

The youth jobless rate kept a record-breaking trend from February this year. The number of youths unemployed increased by 18,000 in June from a year ago.

The overall jobless rate stood at 3.6 percent in June, down 0.3 percentage points from a year earlier. The number of those unemployed reduced 46,000 last month as the unemployed in those in their 30s to 50s fell, offsetting an increase in those in their 20s.

The number of those employed reached 26,559,000 in June, up 354, 000 from the same month last year. The June growth was up from rises of 252,000 in April and 261,000 in May.

The hiring rate rose 0.3 percentage points from a year earlier to 61.2 percent in June, logging the record high. The OECD-method employment rate for those aged 15-64 gained 0.5 percentage points to 66.5 percent.

(APD)