Economics
Korea’s Unemployment Rate Unexpectedly Falls Amid Stimulus
- Jobless rate declined to 4.3%, lower than economists’ forecast
- Months of job losses show businesses still struggling
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South Korea’s jobless rate unexpectedly fell in June, but remained well above levels seen before the pandemic struck, amid government efforts to stimulate the sagging labor market.
The unemployment rate edged down to 4.3% from a 10-year high of 4.5% in May, data from the statistical office showed Wednesday. This was lower than the 4.5% expected by economists in a Bloomberg survey. The nation shed 352,000 jobs, from the prior year, a fourth straight month of declining employment.