Jobless rate jumps to 4% with 890,000 unemployed

Amid the ongoing economic slowdown, the unemployment rate jumped to the 4% level for the first time in eight months.

According to a report on the employment situation in December 2000, which was released by the National Statistical Office (NSO) Thursday, the number of the jobless soared by 96,000 to 893,000 and the jobless rate increased in just a month by a whopping 0.5% point to 4.1%.

The jobless rate exceeded the 4% level for the first time since reaching 4.1% in April last year. Despite concerns over the economic slowdown, the unemployment rate fluctuated in a range between 3.4% and 3.7% over the past several months.

The hike in the jobless rate was largely ascribed to hiring slowdowns in the manufacturing, construction and agriculture, and forestry and fisheries industries during the winter season, as well as the increased job-seeking activities of soon-to-be graduates and undergraduates of universities.

The number of the jobless increased in all age groups but was conspicuous in 15 to 19 age range (33,000 persons) and among those in their twenties (32,000 persons).

The number of the employed decreased by 509,000 from November last year to 20.857 million last month. By industry, 466,000 jobs were lost in the agriculture, forestry & fisheries industry, 61,000 in the manufacturing sector, and 44,000 in the construction industry.

On the other hand, the number of workers in the business, individual and public service sectors increased by 36,000 thanks to expanded public work projects introduced as part of the government¡¯s unemployment countermeasures. The economic participation rate dropped by 1.2% points in December to 59.9%.