-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> World Economy -> 
S.Korea president under pressure to create more jobs
    2018-08-20  08:53    Shenzhen Daily

SOUTH KOREA’S president is under mounting pressure to create more jobs and spur economic growth after his plan to boost demand by sharply hiking minimum wages has backfired.

On Friday, the weakest jobs data in nearly nine years was published. Statistics Korea said Asia’s fourth-largest economy added a mere 5,000 jobs in July from a year earlier, the smallest annual gain since 10,000 jobs were lost in January 2010 in the depths of the global financial crisis.

July’s unemployment rate was a seasonally adjusted 3.8 percent, up 0.3 percentage points from a year earlier. The average job growth for the first seven months of 2018 plunged to 122,000 from 353,000 for the same period one year earlier.

The jobs data fuelled expectations the Bank of Korea will extend the supportive approach and not raise interest rates at its Aug. 31 meeting. It caused yields on the liquid 3-year bonds to end Friday at their lowest level in 10 months.

“Today’s poor jobs data makes it look almost impossible for the Bank of Korea to raise interest rates this month,” said Han Song-jo, head of the fixed-income investment division at Hyundai Investments, an asset management company.

The data comes as another setback for self-styled “Jobs President” Moon’s approval rating, which has fallen for three weeks to 55.6 percent, hovering around its lowest since he took office in May 2017.

Friday’s figures are expected to further dent Moon’s popularity, and his policy of income-led growth — which features fewer working hours and a steep hike in minimum wages — is likely to draw fire.

Unhappiness with economic performance could also place Moon, who has vowed to rein in family-run conglomerates, known as chaebols, under pressure to loosen his stance toward them in exchange for more jobs and investment. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn