South Korea's jobless claims decline last month
(MENAFN) South Korea's jobless claims experienced a decline in August, according to data released by the Ministry of Employment and labor on Monday. The number of new applicants for job-seeking benefits fell to 86,000, representing a 0.6 percent decrease compared to the same month last year. This decline follows a 7.7 percent increase in new jobless claims the previous month, driven by ongoing concerns about an economic slowdown.
The decrease in job-seeking claims was particularly noticeable in sectors such as education services, eateries and lodging, and public administration. However, there were increases in benefit applications from the construction, business services, and information and communication sectors. These trends reflect shifting demands and economic conditions across different industries.
Job-seeking benefits, which are funded by the state employment insurance fund and constitute a major portion of unemployment benefits, are provided by the government to assist unemployed individuals in their job search. In August, the total number of benefit recipients was 625,000, marking a 0.4 percent decrease from the previous year. Additionally, the total amount paid out in job-seeking benefits fell by 2.2 percent to 1.03 trillion won (approximately 768.3 million U.S. dollars) for the month.
The changes in jobless claims and benefit payments highlight ongoing fluctuations in the South Korean labor market, influenced by sector-specific demands and broader economic trends.
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