South Korea Reports Drop in July Unemployment Claims
(MENAFN) South Korea saw a decline in new jobless claims in July, driven by weaker demand in construction, as well as the lodging and eatery sectors, government figures revealed on Monday.
The Ministry of Employment and Labor reported that the number of new applicants for job-seeking benefits fell by 0.6 percent year-on-year to 111,000 in July, reversing the single-digit growth recorded the previous month.
While jobless claims rose in manufacturing, transportation and warehousing, and business services, they declined notably in construction, lodging and eatery, and information and communication industries.
These job-seeking benefits, predominantly funded by the state employment insurance program, are designed to assist unemployed workers in finding new jobs.
The total number of benefit recipients reached 673,000 in July, marking a 3.2 percent increase from the prior year.
Additionally, total payouts for job-seeking benefits expanded by 3.3 percent, hitting 1.11 trillion won (approximately 800.2 million U.S. dollars) during the month.
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