South Korea's jobless rate fell to 3. 2 percent last month due to rising job creation, indicating that the labor market conditions are improving, a government report showed Wednesday.
Unemployment rate was 3.2 percent in April, down 0.3 percentage point from a month earlier, according to the Statistics Korea. The reading was down 0.3 percentage point from the same month of last year.
The number of unemployed, who failed to land work despite job- hunting efforts, declined 70,000 from a year earlier to 825,000 in April.
"The jobless rate fell last month as the number of job creation recovered to the 300,000 level for the first time in three months. The rise in the economically inactive population also contributed to the fall," the statistical agency said in a press release.
The jobless rate gauges the percentage of people unemployed who actively sought jobs over the past four weeks to the economically active population, or the sum of people employed and those unemployed.
Unemployment rate among those aged between 15 and 29 slid to 8. 4 percent in April from 8.6 percent in the prior month.
Job creation accelerated last month. The total number of people employed increased 345,000 from a year earlier to 25.103 million in April, rising by more than 300,000 for the first time in three months.
By industry, the manufacturing sector created 165,000 jobs last month, leading the robust job creation. The health and social welfare service sector employed 114,000 workers, and the transport industry added 45,000 employees.
The wholesale and retail industry cut 105,000 workers in April, and the education service sector reduced 45,000 jobs.
Hiring rate, which measures the percentage of working people to the working age population, or those aged 15 and over, rose to 59. 8 percent in April from 58.4 percent in March. The employment rate is an alternative measure to the jobless rate for assessing labor market conditions.
Those employed as a regular worker grew 659,000 in April from a year earlier, while temporary workers reduced 202,000 last month. Those hired on a daily basis increased 9,000 over the same period.
The economically inactive population, or people aged over 15 minus the economically active population, rose 269,000 from a year earlier to 16.074 million in April.
Among items, the number of job preparers, or those who prepare for job-searching, advanced 46,000 from a year ago to 612,000 in April. The readings for those in school, old age and housework increased by 164,000, 4,000 and 41,000 respectively.
People too discouraged to continue their search for jobs declined by 8,000 in April from a year ago. Discouraged workers are those who want to work and are available to do so, but they failed to get the job due to tough labor market conditions. They are those who looked for a job sometime in the prior 12 months.
The so-called "take-a-rest" item, or those who replied that they took a rest during the job survey period, fell by 71,000 in April from a year before. The item is important as it can include those who are unemployed and too discouraged to search for work for a long period of time.
The number of those working less than 36 hours a week decreased 34,000 from a year earlier to 3,333,000 in April. Among them, involuntary part-time workers declined 23,000 to 343,000 last month.
The involuntary part-time workers are those who want to work full time and are available to do so, but they are hired part time as their working hours are cut back involuntarily or they are unable to find a full time job./.