South Korea Reports Decline in Jobless Claims for Second Month in Raw
(MENAFN) South Korea reported a decline in jobless claims for the second consecutive month, driven by reduced demand in the construction and manufacturing sectors, according to data released by the government on Monday.
The Ministry of Employment and Labor revealed that new applicants for job-seeking benefits dropped by 6.3% year-on-year to 81,000 in August, continuing a downward trend that began in July.
While the education services sector saw a rise in job-seeking claims, applications in the construction, manufacturing, and wholesale and retail industries experienced a decrease.
Job-seeking benefits, which are primarily funded by the state employment insurance fund, are designed to support the unemployed as they search for work.
The total number of benefit recipients stood at 638,000 in August, marking a 2.0% increase compared to the same month last year.
In parallel, the total disbursement of job-seeking benefits grew by 0.7% year-on-year, reaching 1.03 trillion won (approximately 741.3 million U.S. dollars) in August.
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