South Korea’s jobless rate fell in May to a record low, official data showed on Wednesday, indicating a still robust labour market although conditions were softer in the manufacturing sector amid slowing economic growth.
The employment report provides a brighter backdrop to the country as it navigates external challenges from tighter monetary policy and weak demand in key trading partner economies.
The country’s seasonally adjusted unemployment rate dropped to 2.5% in May from 2.6% in April, the lowest since the data series began in June 1999, according to Statistics Korea.
Read the full story on Reuters here.