South Korea’s jobless rate in May falls to record low

SEOUL (Reuters) – South Korea’s jobless rate fell in May to a record low, official data showed on Wednesday, indicating a still robust labour market despite signs of slowing economic growth.

The country’s seasonally-adjusted unemployment rate fell to 2.5% in May from 2.6% in April, the lowest since the data series began in June 1999, according to Statistics Korea.

The number of employed people increased by 351,000 from the same month a year earlier, slightly less than 354,000 in April, extending its run of annual gains that started in March 2021.

By industry, health and social welfare workers increased 166,000, followed by hospitality and catering services which gained 128,000 employees. The construction and manufacturing sectors lost 66,000 and 39,000 jobs, respectively.

The job increase was led by people in their 60s and older, up by 379,000, offseting declines in other age groups.

The data comes as other indicators from exports to factory production and retail sales point to the country’s sluggish growth amid weakening demand at home and abroad on global monetary tightening.

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