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S. Korea's on-year job additions rebound in Aug.

By Yonhap

Published : Sept. 13, 2023 - 09:45

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A job fair in Daegu on Monday (Yonhap) A job fair in Daegu on Monday (Yonhap)

South Korea's job additions rebounded in August after slowing for four consecutive months, but the growth was led mostly by seniors, data showed Wednesday.

The number of employed people came to 28.67 million in August, up 268,000 from a year earlier, according to the data compiled by Statistics Korea.

The country's jobless rate came to 2 percent last month, down 0.1 percentage point over the period.

In July, the country added 211,000 jobs on-year, the lowest in 29 months.

South Korea's central bank, meanwhile, held its key interest rate steady at 3.5 percent last month for the fifth straight time as it weighs a slowdown in growth amid moderating inflation.

The rate freezes came after the Bank of Korea delivered seven consecutive rate hikes from April 2022 to January 2023. A hike in borrowing costs typically hampers employment as businesses and households cut their spending. (Yonhap)