SEOUL, Nov. 14 (Xinhua) -- South Korea posted the highest October jobless rate in 13 years, indicating the worsened labor market conditions would last for the time being, a government report showed Wednesday.
Unemployment rate rose 0.3 percentage points over the year to 3.5 percent in October, according to Statistics Korea. It was higher than any October reading since 2005.
The number of those unemployed totaled 973,000 in October, up 79,000 from a year ago. It was the highest figure of the month since 1999 when the foreign exchange crisis rocked the economy.
The so-called expanded jobless rate, which reflects labor market conditions more accurately, stood at 11.1 percent in October, up 0.7 percentage points from a year earlier.
Finance Minister Kim Dong-yeon, who doubles as deputy prime minister for economic affairs, told lawmakers that the worsened employment data was not forecast to be improved in the short term as it was caused by complicated factors such as the structural problem and a part of policy factors.
Job conditions among the younger generation showed signs of improvement. Jobless rate among youths aged 15-29 fell 0.2 percentage points over the year to 8.4 percent in October.
The number of those unemployed reduced in their 20s, while the figures in their 40s and 50s increased.
The expanded jobless rate for youths, however, gained 0.9 percentage points to 22.9 percent in the cited period.
The official unemployment rate refers to those who are immediately available for work but fail to get a job for the past four weeks despite efforts to actively seek a job.
The expanded jobless rate adds those who are discouraged to seek a job, those who work part-time against their will to work full-time and those who prepare to get a job after college graduations to the official jobless rate.
The number of those employed totaled 27,090,000 in October, up 64,000 from a year ago. The job growth hovered below 100,000 for the fourth consecutive month.
Employment in the manufacturing sector, which is seen as an industry creating decent jobs, continued to slide for the seventh consecutive month.
Job creation in the eatery and lodging sector posted the biggest monthly fall since the relevant data began to be compiled in 2013, but the figure in the construction industry gained last month.
Those in their 20s who got a job increased in October, but employments in their 30s and 40s reduced in the month.
The hiring rate dipped 0.2 percentage points over the year to 61.2 percent in October, keeping a downward trend for nine straight months.
The hiring rate gauges the percentage of working people to the working-age population, or those aged above 15. The employment rate is used as an alternative to jobless rate, and the government set its long-term target at 70 percent.
The number of economically non-active population gained 105,000 from a year earlier to 16,199,000 in October.
Discouraged workers, who gave up efforts to seek a job because of the worsened labor market conditions, increased 47,000 in October from a year earlier.
The so-called "take-a-rest" group expanded 90,000 in the same period. The group refers to those who replied that they took a rest during the job survey period. It is important as the group can include those who are unemployed and too discouraged to search for work for an extended period of time.
