By Kwanwoo Jun
GWACHEON, South Korea--South Korea's seasonally adjusted unemployment rate fell to a 66-month low of 3.0% in October, government data showed Wednesday.
The October reading, down from 3.1% in September, was the lowest since in February 2008, when the seasonally adjusted rate was 3.0%, said Statistics Korea.
Despite the improving job data, finance ministry officials cautioned that the country's labor market wasn't in good shape, with the number of unemployed people in their 20s growing due to an economic downturn.
The unadjusted jobless rate fell to 2.8% in October from 2.9% in September, said Statistics Korea.
The number of people employed rose 396,000 in October from the same month a year earlier--compared with September's 685,000 increase--to 25.07 million.
Among people aged 15 or older, 60.1% were employed in October, compared with 60.0% in September.
The job data came after the Bank of Korea last week held its key rate steady at 2.75% after two rate cuts in July and October. A survey of 11 analysts polled by Dow Jones Newswires after the rate decision showed they all expect the BOK to keep its policy rate steady in December amid signs of modest economic recovery.
South Korea's exports picked up for the first time in four months in October, government data showed last week, adding to hopes that Asia's fourth-largest economy is turning around.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires
November 13, 2012 19:07 ET (00:07 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.