South Korea Jobless Claims Rise 7.5 Percent in October
South Korea saw initial jobless claims rise 7.5 percent in October, driven by growth in the service industry despite declines in manufacturing and construction.
Initial jobless claims in South Korea rose 7.5 percent year-on-year to 81,000 in October, marking the first increase since June. The Ministry of Employment and Labor reported that the rebound was driven by double-digit growth in applications within the service industry, specifically in health and social welfare, wholesale and retail, business support services, and accommodation and food services.
In contrast, claims in the manufacturing and construction sectors fell by 4.1 percent and 19.0 percent, respectively. While new claims increased, the total number of benefit recipients decreased 0.7 percent to 571,000. This decline was largely attributed to a 24.4 percent contraction of beneficiaries in the construction industry.
Total payouts for job-seeking benefits, which are financed by the state employment insurance fund, fell 4.5 percent to 1.00 trillion won.
