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The Number of Employed People Increases in South Korea

Saturday, May 19th, 2012

The number of employed people in South Korea increased 1.9 percent to 24.76 million in April 2012 from a year earlier.The nation is experiencing an increase demand for jobs in health, social welfare and education, according to reports in local newspapers. This news has brought cheer to the citizens of South Korea as the unemployment rate held at two-month low last month.
April saw the addition of a total of 455,000 jobs in the country with the employment rate increasing 0.4 percentage points to 59.7 percent.A report from Asia News Network,  Seoul indicates that the seasonally adjusted unemployment rate dipped to 3.4 percent from 3.6 percent tallied a year earlier.The unemployment rate among young people between 15 and 29 stood at 8.5 percent, which represents a drop of 0.2 percentage points from April 2011.Also, the economically active population came to 25.65 million, up 1.6 percent from the same month a year earlier, according to the report.
Despite the growth some believe this upsurge in the employment rate may not lead to a very bright future of the economy.
Kanga Kong from Dow Jones Newswires notes Hyundai Securities economist Lee Sang-jae who says that the improvement in the job market won't be enough to lead to stronger economic growth.
Sang-jae adds that the on-year increase in the number of jobs is led by those in their 50s and 60s, and this won't easily lead to strong gains in domestic demand.

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