South Korea’s unemployment rate reached a record low in August

The unemployment rate in South Korea fell to a record low in August, while the number of employers rose for the 18th consecutive month.

The seasonally adjusted national unemployment rate fell to 2.5% in August from 2.9% in July. This is the lowest level since record-keeping began in June 1999, Statistics Korea said.

The number of employers increased by 807,000 compared to the same month last year, extending their annual turnover for the 18th consecutive month. However, the rate of increase was weaker than 826,000 in July and 841,000 in June.

The increase was driven primarily by manufacturing, which had the largest increase under the current classification from 2013 at 240,000, followed by health care and social services at 123,000.

Broken down by age group, people aged 60 and older accounted for more than half (454,000), while workers in their 50s, 30s, and 20s accounted for 182,000, 98,000, and 65,000, respectively.

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