Unemployment Rate Rising Higher than Expected
The Ministry of Labor(MOL) announced on February 17 that the unemployment rate for the first quarter of 1999 will average 8.7 percent and the number of jobless will increase to 1.85 million people, far higher than earlier forecasts indicated.The MOL had expected that the unemployment rate during the first quarter would average 8.3 percent with the number of unemployed at 1.76 million.
In particular, the MOL now forecasts that the rate for February will surpass 9 percent and 2 million individuals will be out of work.
This level would be the highest since July 1982.
Whereas, the MOL predicts that the average annual rate will be 7.5 percent, as unemployment should abate from the second quarter of this year.
with the Korea JoongAng Daily
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