SEOUL: South Korea's unemployment rate rose to a nearly 1-year high in February despite a rise in hiring, as Asia's fourth-largest economy struggles with global economic uncertainties.
February's unemployment rate in Asia's fourth-largest economy stood at 3.7 percent, the highest since a 4.0 percent reading in March 2011, seasonally adjusted data from the government's statistics agency showed.
South Korea's unemployment rates are still low compared with other advanced countries.
Finance Minister Bahk Jae-wan, speaking during a regular meeting shortly after the jobs numbers were released, said recent economic indicators had been more robust than expected, but it was not yet time to be optimistic.
The Bank of Korea has yet to provide guidance on its policy direction. It held interest rates steady as expected for a ninth consecutive month last week as it tries to balance a still-sluggish economy with the risk of a spike in inflation.
Without seasonal adjustments, South Korea added 447,000 new jobs in February from a year earlier, compared with 536,000 in January.
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