South Korea sets biggest job loss in 5 years - 12,000 Job Loss

South Korea’s jobless rate in December held steady from November at a seasonally adjusted 3.3% but the country set the biggest job loss in five years in December over a year earlier, official data showed.

The country lost 12,000 jobs in December over a year earlier, the biggest loss since 86,000 jobs were cut in October 2003 over a year before, the National Statistical Office data showed.

The figures came after the central bank last week cut interest rates by 50 basis points to a fresh low of 2.5% to fend off the country’s first economic recession in a decade.

Source : Star
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]