(Bloomberg) -- South Korea’s unemployment rate unexpectedly fell for a third month in August, even as a resurgence of the virus forced the government to tighten social distancing rules.
The unemployment rate fell to 3.2% in August from 4.2% in the previous month, data from the statistical office showed Wednesday. Economists forecast unemployment holding at 4.2%. However, the nation shed 274,000 jobs -- a sixth straight month of declining employment.
Despite the jobless rate improvement, South Korea’s job market remains on weak footings. The outlook for hiring has deteriorated since daily virus caseloads surged last month, prompting the government to place limits on social activities that have hurt some service industries.
The virus resurgence prompted the central bank to cut its growth forecast and it now expects employment to fall over the year. The government is pushing for a fourth extra budget, to aid workers and businesses that lost income due to the latest restrictions.
©2020 Bloomberg L.P.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.