South Korea January jobless rate rises to highest in nine years

South Korea`s unemployment rate rose to a nine-year high in January as jobs were shed in manufacturing and construction sectors amid rising minimum wages, deepening economic policy frustrations for President Moon Jae-in.

The unemployment rate rose to 4.4 percent in January in seasonally adjusted terms, from 3.8 percent in December, Statistics Korea said in a report on Wednesday.

That is the labour market`s worst performance since January 2010, when the economy was still reeling from the global financial crisis and the jobless rate reached 4.7 percent.

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