Data released this morning and reported by Reuters puts South Korean January unemployment at 4.4 per cent. Though low by Western standards, this is a big jump from December’s 3.8 per cent and a level only exceeded briefly in January 2010. A rise in the minimum wage by 29 per cent over the last 2 years has been blamed in Asia’s fourth largest and notoriously hard-working economy. Others are pointing fingers at trade wars, with South Korean exports dropping for a third consecutive month causing the axe to fall on 170,000 manufacturing jobs over the last year.
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