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South Korea Unemployment Rate Jumps to Six-Year High at 4.1%

  • Youth jobless rate hits record as graduates can't land jobs
  • Record number of applicants for civil-service positions

South Korea’s unemployment rate rose to a six-year high last month as more college graduates failed to land jobs amid slowing economic growth. Distortions from the lunar new year holiday were also a seasonal factor behind the rise.

The seasonally adjusted jobless rate climbed to 4.1 percent in February, the highest since February 2010, Statistics Korea said on Wednesday. The agency said the youth unemployment rate for those ages 15-29 was 12.5 percent, the highest on record, with college graduates rushing to join the workforce after graduation.