Older workers pull South Korea jobless rate down to record low

Reuters

Published Mar 14, 2023 07:30PM ET

Updated Mar 14, 2023 09:00PM ET

By Choonsik Yoo

SEOUL (Reuters) -South Korea's unemployment rate has fallen back to a record low, data showed on Wednesday, mainly due to increased employment among people aged 60 and over, and as shrinking exports and a sluggish housing market have yet to significantly hit payrolls.

The unemployment rate was 2.6% in February versus 2.9% in January on a seasonally adjusted basis, matching a record low also touched in August, showed data from Statistics Korea.

Economists said the data is one of the most time-lagging indicators.

"Manufacturing and construction sectors, among others, will soon begin to show the effects of shrinking exports and a weakening housing market," said Park Sang-hyun at HI Investment and Securities.