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Unemployment in South Korea dropped in March from the prior month with job creation picking up significantly during the month, government data showed on Wednesday. Statistics Korea said that the seasonally adjusted jobless rate fell to 3.2% in March from 3.5% in February.
The unadjusted unemployment rate dropped month-on-month to 3.5%. Compared to a year ago, the number of people out of work dropped by -6.6%. Overall, 883,000 people were out of work, a decrease of 62,000 from the same time a year ago.
Employment levels also improved during the month. The number of people in employment totalled 24.5 million, an increase of 249,000 or +1.0% over the year.
The statistics office said that the number of job seekers fell after more people returned to school or gave up looking for work because of old age, household duty or childcare.
South Korea is Asia’s fourth-largest economy. The government this week announced plans to boost economic growth over concerns that the country is losing some of its vitality due to uncertainty caused in local and foreign markets. According to local media, foreign investors have also become unsettled over North Korea's threats.