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South Korea's Jobless Rate Hits 10-Year High as Virus Surges


South Korea’s Jobless Rate Hits 10-Year High as Virus Surges
Bloomberg
1/13/2021
Sam Kim
(Bloomberg) South Korea lost the most jobs in two decades and the unemployment rate hit a 10-year high as the country’s worst coronavirus outbreak yet forced businesses to slash hiring.
The nation shed 628,000 jobs in December compared with the prior year, a tenth straight monthly drop and the most since February 1999. Restaurants and hotels were the hardest hit, but manufacturing also lost more than 100,000 jobs for a second month, signaling that a recovery in tech exports has yet to translate into increased employment.
The jobless rate jumped to 4.6%, the highest since January 2010. Economists had forecast a reading unchanged from November’s 4.1%. ....

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