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| ▲ A visitor looks at job openings on a bulletin board at a welfare center in western Seoul, in this file photo taken April 17, 2023. (Yonhap) |
jobless rate-April
Job additions fall in April amid higher rate, economic slowdown
SEJONG, May 10 (Yonhap) -- South Korea's job additions fell in April after a brief rebound a month earlier, data showed Wednesday, amid higher borrowing costs and an economic slowdown.
The number of employed people came to 29.23 million in April, up around 354,000 from a year earlier, according to the data compiled by Statistics Korea. In April 2022, the country added 865,000 jobs on-year.
South Korea's monthly job additions had been slowing for nine consecutive months through February, before rebounding in March, when they rose 469,000 on-year.
In April, South Korea's jobless rate fell 0.2 percentage point on-year to 2.8 percent.
The Bank of Korea has been keeping its key rate at 3.5 percent since February as inflation appears to be easing and concerns are rising over an economic slowdown.
A hike in borrowing costs typically hampers employment as businesses and households cut their spending.
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