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S. Korea’s Unemployment Claims Decline 6.4 Percent in November
(MENAFN) South Korea's unemployment benefit applications declined for the second consecutive month in November, driven by reduced labor demand within the construction sector, official statistics released Monday confirmed.
New applicants for job-seeking benefits decreased 6.4 percent year-over-year to 84,000 in November, following a sharper 16.2 percent plunge the prior month, Ministry of Employment and Labor data showed.
Benefit claims contracted across construction, wholesale and retail, and lodging and food service sectors, though manufacturing and real estate industries recorded increases.
Job-seeking benefits—government-funded assistance designed to support unemployed workers during their employment search—constitute the largest component of South Korea's unemployment benefit system. The program draws financing from the state employment insurance fund.
Total benefit recipients numbered 528,000 in November, representing a 2.7 percent decline from the same period last year.
Aggregate disbursements for job-seeking benefits fell 6.0 percent to 792.0 billion won (approximately 538.9 million U.S. dollars) during the month.
The consecutive monthly reductions in jobless claims suggest shifting labor market dynamics across South Korea, with construction sector cooling offsetting growth pressures in manufacturing and property-related industries. The downward trend in both applications and total payments reflects evolving employment patterns as the nation's economy adjusts to changing sectoral demands.
New applicants for job-seeking benefits decreased 6.4 percent year-over-year to 84,000 in November, following a sharper 16.2 percent plunge the prior month, Ministry of Employment and Labor data showed.
Benefit claims contracted across construction, wholesale and retail, and lodging and food service sectors, though manufacturing and real estate industries recorded increases.
Job-seeking benefits—government-funded assistance designed to support unemployed workers during their employment search—constitute the largest component of South Korea's unemployment benefit system. The program draws financing from the state employment insurance fund.
Total benefit recipients numbered 528,000 in November, representing a 2.7 percent decline from the same period last year.
Aggregate disbursements for job-seeking benefits fell 6.0 percent to 792.0 billion won (approximately 538.9 million U.S. dollars) during the month.
The consecutive monthly reductions in jobless claims suggest shifting labor market dynamics across South Korea, with construction sector cooling offsetting growth pressures in manufacturing and property-related industries. The downward trend in both applications and total payments reflects evolving employment patterns as the nation's economy adjusts to changing sectoral demands.
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