South Korea Jobless Rate Rises In September

South Korea’s unemployment rate rose in September as the coronavirus pandemic weighed on the labor market, data from Statistics Korea revealed on Friday.

The jobless rate rose to a seasonally adjusted 3.9 percent in September from 3.2 percent in August. In the same month last year, the unemployment rate was 3.4 percent.

On an unadjusted basis, the unemployment rate increased to 3.6 percent from 3.1 percent in the previous month.

The number of unemployed increased to 1.0 million in September from 864,000 in the preceding month. Compared to a year ago, the figure rose by 116,000 persons.

The number of employed persons decreased by 392,000 year-on-year to 27.012 million in September.

Elsewhere, a report from Bank of Korea showed that import prices continued to decline in September. Import prices dropped at a faster pace of 11.5 percent annually in September, following a 10.5 percent fall in the previous month.

At the same time, export prices declined 6.2 percent yearly in September, slower than the 6.7 percent decrease seen a month ago.

On a monthly basis, import prices fell 1.3 percent monthly in September versus a 1.1 percent decrease in the prior month.

Export prices slid 0.3 percent in September after a 0.1 percent decline in the previous month.

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