jobless rate-May

▲ Visitors look at job openings at a career fair in Incheon, 27 kilometers west of Seoul, in this May 23, 2023, file photo. (Yonhap)

jobless rate-May

Job additions slow for 2nd month in May amid uncertainties

SEOUL, June 14 (Yonhap) -- South Korea's job additions slowed for the second consecutive month in May following a brief rebound in March, data showed Wednesday, amid lingering economic uncertainties.

The number of employed people came to 28.83 million in May, up around 351,000 from a year earlier, according to the data compiled by Statistics Korea.

South Korea's on-year job additions had been slowing for nine consecutive months through February, before rebounding in March, when they rose 469,000 on-year. In April, the country added 354,000 jobs.

Last month, the country's jobless rate fell 0.3 percentage point on-year to 2.7 percent.

In May, the Bank of Korea held the benchmark interest rate steady for the third straight time at 3.5 percent on easing inflationary pressure amid rising concerns over an economic slowdown.

The central bank had delivered seven consecutive hikes in borrowing costs since April 2022. A hike in borrowing costs typically hampers employment as businesses and households cut their spending.


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