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Job creation rate rises on-year, but increase in new hires hits 22-month low

Arirang News, 16 April 2015 - The stumbling Korean economy added some 338-thousand new jobs in March. The increase in new hires was the smallest since May of 2013. Statistics Korea said Wednesday the total number of employed people was more than 25 million in March, driven by hiring in the manufacturing and service sectors.

The employment rate for people between the ages of 15 and 64 remained at 64.9 percent, unchanged from the previous month.
The report also showed that the unemployment rate was at 4 percent in March.
That's lower than the 4.6 percent recorded in February, but point-one percentage point higher than the previous year.
The unemployment rate for young Koreans between the ages of 15 and 29 fell to 10.7 percent last month, down from the 11.1 percent tallied in February, the highest monthly figure since the data was first collected in 2000.

It's slow going, but one expert says that the economy is showing signs of growth and employment will pick up soon.
But the key here is that the growth rate on the hiring front is slowing.

"The country is looking at long-term growth, so large companies are therefore reluctant to hire more new employees. That has a direct impact on the large number of educated young job seekers that are eyeing positions in large companies."

Experts say that structural measures to boost the economy will be more influential than new hiring policies, as such measures will help alleviate unemployment in the long run.
Shin Se-min, Arirang News.


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