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S. Korea’s unemployment rate rises by widest margin in OECD in Aug

S. Korea’s unemployment rate rises by widest margin in OECD in Aug

SEOUL: South Korea’s jobless rate increased by the widest margin among members of the Organization for Economic Cooperation and Development(OECD) in August, largely due to an increase in youth unemployment. According to OECD data on Monday, the country’s jobless rate came to three-point-eight percent in August, up point-two percentage points from the previous month.

South Korea and Austria witnessed the widest increase among 25 OECD members which released their August unemployment data. Jobless rates fell in ten OECD nations, including Sweden, while South Korea, Austria, the U.S. and France saw their figures grow. The overall average jobless rate for OECD nations marked five-point-eight percent in August, unchanged for four straight months since May. South Korea’s youth unemployment rose one-point-three percentage points on month to ten-point-seven percent in August.