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South Korea Jobless Rate At 10-Year High

South Korea's unemployment rate rose to a ten-year high in May as firms reduced hiring amid coronavirus pandemic, figures from Statistics Korea showed on Wednesday.

The jobless rate rose to a seasonally adjusted 4.5 percent in May from 3.8 percent in April. In the same month last year, the unemployment rate was 4.0 percent.

This was the highest rate in ten years.

On an unadjusted basis, the unemployment rate increased to 4.5 percent from 4.2 percent in the previous month.

The number of unemployed decreased to 1.278 million in May from 1.172 million in the preceding month.

At the same time, the number of employed persons increased by 368,000 from prior month to 26.93 million in May.

The unemployment rate to 4.5 percent in May, but employment too increased on a monthly basis, so if such a thing is possible, this is a "good" rise in the unemployment rate, Robert Carnell, an ING economist said.

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