S. Korea's jobless rate rises on youth unemployment

South Korea's jobless rate rose last month as unemployment of young people grew at a fast pace, with fresh jobs created mostly among senior citizens, a government report showed Wednesday.

Unemployment rate was 2.8 percent in October, up 0.1 percentage point from the previous month, according to Statistics Korea. From a year earlier, the rate was unchanged.

The unemployment rate gauges the percentage of those unemployed who actively sought jobs over the past four weeks to the economically active population, or the sum of people employed and unemployed.

Jobless rate among those aged between 15 and 29 rose 0.1 percentage point from a month earlier to 7.8 percent last month.

The number of those unemployed, who failed to land work despite job-hunting efforts, gained 6,000 in October from a year earlier after decreasing 32,000 in the prior month. The October gain was attributable to an increase in youth unemployment.

The number of those aged between 20 and 24 who lost their jobs jumped 24.9 percent on year in October, with the figure for those aged from 25 to 29 climbing 11 percent. The rise was in a stark contrast to a reduction in the unemployment of other age groups.

The South Korean economy created more than 400,000 jobs for three straight months, but the employment was leaning to those in their 50s and 60s.

The total number of people employed increased 476,000 from a year earlier to 25.545 million in October, keeping its growth above the 400,000 level for the third consecutive month.

Those in their 20s who get a job gained 27,000 in October from a year earlier, but the figure was far lower than that for those in their 50s and 60s, which increased 288,000 and 191,000 respectively. Employment of those in their 30s fell 78,000 last month.

The hiring rate rose 0.4 percentage point from a year earlier to 60.5 percent last month. The employment rate measures the percentage of working people to the working age population, or those aged 15 and over. It is used as an alternative to the jobless rate for assessing labor market conditions.

The manufacturing industry created 31,000 jobs last month, maintaining its growth trend for 16 straight months. The service sector employed 433,000 workers, the highest in 13 months, but employment in the construction sector reduced 14,000.

The economically inactive population, or people aged over 15 minus the economically active population, rose by 6,000 in October after jumping 66,000 in the prior month.

The so-called "take-a-rest" item, or those who replied that they took a rest during the job survey period, grew by 61,000 last month. The item is important as it can include those who are unemployed and too discouraged to search for work for a long period of time.

Those in old age increased 21,000 on year in October, but the number of job preparers, or those preparing for job-searching, fell 18,000. Those in housework reduced 110,000 last month.

People too discouraged to continue their search for jobs declined 18,000 in the cited period. Discouraged workers are those who want to work and available to do so, but fail to get a job due to tough labor market conditions. They are those who looked for a job sometime in the prior 12 months.

Those employed as a regular worker increased 573,000 in October from a year earlier, but those hired as a temporary worker and on a daily basis reduced 3,000 and 39,000 respectively.

The number of those working less than 36 hours a week rose 119, 000 last month, indicating the government's efforts to reduce working hours have been realized. Among them, involuntary part- time workers declined 36,000.

Involuntary part-time workers are those who want to work full time and are available to do so, but are hired part-time as their working hours are cut back involuntarily or are unable to find a full-time job.