South Korea’s National Statistical Office reported on Wednesday (July 13) that Jobs in June rose 841,000 to 28.49 million, a 16-month increase.
South Korea’s National Statistical Office reported on Wednesday (July 13) that Jobs in June rose 841,000 to 28.49 million, a 16-month increase.
But jobs in June rose less than 935,000 jobs in May, suggesting the South Korean economy is still facing uncertainty. This includes inflation risk factors. and the economic impact of the war between Russia and Ukraine.
The unemployment rate in June fell 0.8% to 3%, and the number of unemployed people in June dropped 205,000 to 888,000.
When separated by business sectors, it was found that Employment in residential and restaurant services rose 28,000 in June. This was driven by the South Korean government’s announcement of lifting measures to curb the spread of COVID-19. From mid-April
Meanwhile, manufacturing jobs increased by 158,000, the eighth straight month’s increase.
South Korea’s central bank raised its policy interest rate by 0.50% to 2.25 percent at its meeting today. It was the worst interest rate hike since 1999 following inflation hit a 24-year high.
The Consumer Price Index (CPI), a measure of consumer spending, jumped 6 percent in June from year to year. It was the highest level in 24 years and was the 15th straight month that the CPI was above the Bank of Korea’s 2% inflation target as energy and food costs rose.
Including a strong recovery in demand following the government relaxed measures to curb the spread of COVID-19.
South Korea’s central bank has placed inflation control as a top priority, despite concerns that a rate hike would raise borrowing costs. and may affect the economy
