S. Korea's jobless rate improves
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Asia's fourth-largest economy is recovering from last year's recession.
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SEOUL, South Korea (Reuters) -- South Korea's unemployment rate fell to its lowest since last April and payrolls rose for the fourth consecutive month in January, data showed on Thursday.
In a further sign the economic recovery is gathering pace, the seasonally adjusted jobless rate fell for the second month in a row to 3.3 percent in January from 3.5 percent in December 2003, the National Statistical Office said.
The number of people in employment increased for the fourth month in a row in January, rising to 22.59 million from a revised 22.28 million in December, the agency said in a statement.
Robust exports helped South Korea, Asia's fourth-largest economy, crawl out of recession late last year, but policy makers have been concerned by sluggish private consumption and a relatively high unemployment rate.
In his New Year speech, President Roh Moo-hyun singled out job creation as his government's top policy priority for this year, with government and private research organisations predicting the job market was unlikely to recover quickly.
Exports are growing at a double-digit rate every month versus a year earlier, driven by red-hot shipments to neighboring China, but companies are still reluctant to expand recruitment.
The government expects the economy to expand by more than five percent this year, faster than an estimated 2.9 percent rise in 2003. But it has said a major recovery in domestic consumption might not start until late this year.
Before taking into account seasonal factors, the jobless rate rose for the fourth consecutive month to 3.7 percent in January from 3.6 percent in December last year, the agency said.
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Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
