In another bleak picture of Korea’s job market and outlook, the country’s long-term unemployment rate hit a 13-year high in May, government data showed.

According to data from Statistics Korea, the number of those out of a job for six months or longer amounted to 120,000 in May, accounting for 11.96 percent of the total unemployed to reach the highest share since 2004.

Korea’s long-term unemployment tends to ease in February and peak around September-October when the second-half recruitment season of major companies begins.

This trend was apparent last year when the February rate at 8.96 percent gradually rose to 18.27 percent in August. In 2015, the rate was lowest in February at 5.49 percent and highest in October at 13.83 percent.

Short-term unemployment is considered a byproduct of mismatches in job openings and searches and economic recessions. Long-term unemployment, which emerges when job hunters continually fail to find jobs, poses a more structural challenge.

Although the Korean economy has been seeing an export-driven recovery since early this year, unemployment has been climbing for over six months to underscore fragility in the growth and outlook.

A series of measures by the new government unfavorable to employers, such as a hike in minimum wage and conversion of irregular workers to permanent status, further dampened corporate hiring. The government’s push to increase hiring in the public sector has also stalled job openings in the private sector.

By Cho Si-young

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]