- South Korea’s unemployment rate soared to a 21-year high in January, while the number of people employed fell at the sharpest pace in more than two decades, as curbs to contain the coronavirus continue to hurt the job market.
- The seasonally adjusted unemployment rate jumped to 5.4 per cent in January, the highest since 1999, data from the Statistics Korea showed.
- Wednesday’s data comes as yet another blow to self-styled “Jobs President” Moon Jae-in, as jobs vanishing at the fastest pace in decades amid the coronavirus pandemic hurt his party ahead of April elections to pick mayors for the two largest cities, Seoul and Busan.
- The number of employed declined by 982,000 in January from a year earlier, the fastest pace since 1998, as toughened COVID-19 distancing measures amid a third wave of infections struck businesses.
- Breakdowns showed workers at retailers, accommodation facilities and restaurants were the hardest hit, losing 586,000 jobs from a year earlier.
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