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Unemployment Ticks Up, Jobs Growth Slows In July

SOUTH KOREA

The South Korea July unemployment rate rose to 2.8%, versus 2.7% forecast and 2.6% in June. We are above the recent trough of 2.5%, which was recorded in May, but remain comfortably below the long run average (around 3.5%). The number of employed people was up 211k in July versus a year ago. The pace of jobs growth continued to moderate though. We recorded a 333k y/y rise in June. July's rise was the smallest since February 2021.

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