Younger people's economic participation hits 27-yr low

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Younger people's economic participation hits 27-yr low

Economic participation among younger people in South Korea dropped to the lowest level in about 27 years, data showed Saturday, indicating the frozen job market is taking its toll especially on young job seekers.

According to the data by Statistics Korea, the economic participation rate among those in their 20s stood at 60.1 percent last month, down from 62.3 percent tallied in the same month a year earlier.

The figure marked the lowest level since February 1986, when the rate was 59.6 percent.

The drop highlights the hardship among younger people in finding jobs after graduating.

The jobless rate among those aged 15-29 jumped to 7.5 percent in December from the previous month's 6.7 percent, the latest job data showed.

The jobless rate among the younger people is much higher than the 2.9 percent for all age groups. The rate also marked the highest level since June when it rose to 7.7 percent. [Yonhap]
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