South Korean Youth Unemployment Reaches Record High
luvsmiling, May 14, 2015, 9:37 a.m.
Youth unemployment reached 10.2 percent last month, the highest figure on record, according to Statistics Korea on Wednesday. A total of 445,000 people aged 15 to 29 were unemployed in April, up 19,000 from a year ago.
But the economic participation rate for this age group rose 1.2 percent on-year to 45.8 percent last month. This suggests that more young people are looking for jobs but few are being created. "The youth unemployment rate often rises in March and April as civil service exams take place this time of year," a Statistics Korea official said.
Overall the unemployment rate stood at 3.9 percent in April, while the number of employed increased 216,000 to 25.9 million compared to the same month last year. The size of the increase has been declining since February 2014, when it was 835,000.