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South Korea’s jobless rate fell to a record low last month, with notable recovery in the service sector, in another sign that the worst may be over for Asia’s fourth-largest economy.
The country’s seasonally adjusted unemployment rate fell to 2.5 per cent in May from 2.6 per cent in the previous month, Statistics Korea said on Wednesday. The finance ministry said the employment data were “satisfactory”.
Vice finance minister Bang Ki-sun, meanwhile, said he expected the robust trend to continue, helped by improvements in health, social welfare, hospitality and catering service employment, despite a delayed recovery in the manufacturing sector due to weak exports and facility investments.
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