">Forum Views ()
">Forum Replies ()
Read more with google mobile :
S.Korea posts first monthly job loss in 5 yrs
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Singapore
Asia Pacific
World
Search
Search:
S.Korea posts first monthly job loss in 5 yrs
Reuters - 1 hour 35 minutes ago
By Yoo Choonsik and Cheon Jong-woo
SEOUL, Jan 14 - South Korea suffered its first monthly net job loss in more than five years in December as the global recession took its toll on Asia's fourth-largest economy, raising the case for more interest rate cuts.
Data from the statistics agency showed on Wednesday South Korea lost 12,000 jobs in December over a year earlier, the first loss since October 2003 and the fourth month in a row that the employment situation has worsened.
The data came after the Bank of Korea cut the policy interest rate by half a percentage point to a record-low 2.5 percent on Friday, as expected, marking the fifth reduction in three months aimed at cushioning the economic downturn.
Analysts said shrinking demand for South Korean products both at home and abroad in line with a deepening global recession would continue to batter the local job market.
"You will see a lot more negative figures for the time being as the economic slump deepens," said Kong Dong-rak, a fixed-income analyst at Hana Daetoo Securities. "Such figures bode well for more rate cuts in the coming months, although some of them have already been priced in."
March treasury bond futures <KTBc1> extended gains to 112.74 by 0515 GMT, up 39 ticks from Tuesday's close, from around 112.60 when the data was released.
The unemployment rate in December held steady from November at a nine-month high of 3.3 percent after adjustment for seasonal patterns, National Statistical Office data showed.
However before seasonal adjustment December's rate showed a slight increase from 3.1 percent in November.
Along with the reduction in job numbers, the quality of employment also worsened in December as the ratio of workers hired on temporary or day contracts rose to a five-month high of 30.6 percent from 30.5 percent in November.
President Lee Myung-bak has repeatedly said his government would make job creation its top economic policy priority as the worst global economic crisis in decades forces companies to trim staff or fold.
The bleak employment data also came as Ssangyong Motor <003620.KS> filed for court receivership last week under mounting financial troubles, putting the fate of its more than 7,000 workers and its subcontractors at risk.
The news of troubles at the smallest of the country's five auto makers has so far had a limited impact, but analysts expect more South Korean companies to join the sports utility vehicle maker owned by China's SAIC Motor Corp <600104.SS>.
The government and financial regulatory agencies have said some financially weak players in the crowded shipbuilding and home-building sectors needed to implement sweeping restructuring or simply exit the market.
Email Story
IM Story
Printable View
Blog This
Recommend this article
Average (0 votes)
Sign in to recommend this article »
Most Recommended Stories »
Related Articles: Business
Japan shares gain on bargain-huntingAP - 15 minutes ago
S.Korea won rises on firmer stocks, rate cut hopesReuters - 19 minutes ago
China's next export: Starbucks coffeeAP - 20 minutes ago
HSBC drops 3.6 pct, drags HSI off highReuters - 22 minutes ago
RBS confirms $2.34 bln Bank of China stake saleReuters - 25 minutes ago
Most Popular – Business
Viewed
Abbas blasts Israeli 'annihilation' in Gaza
Massa looking to future in F60
Britain's Prince Harry apologises for racist language
Passionate Bush defends legacy in final news conference
Automakers put on brave face at tense Detroit auto show
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Other News on Wednesday, 14 January 2009
Israeli forces squeeze Gaza city
Pentagon: 61 ex-Guantanamo inmates return to terrorism
| International
|
Hundreds flee for lives as Israel pounds Gaza by land and air
US-TECH Summary
Mexico's Calderon leaves door open to NAFTA discussions
| International
|
Europe gas halted as Russia-Ukraine deal falters
Tito Jackson Sued By Brooklyn Woman Claiming To Be His Daughter
Iraq official: Biden affirms 'responsible' pullout
Yahoo to name Bartz as new CEO: report
Ukraine leader accuses Russia of 'blackmail' over crisis
LRA rebels in Congo turned more deadly by offensive
| International
|
Forrester sees drop in IT spending in 2009, first since 2002
Despite Gaza toll, Israeli media focus on Israel
Europe gas halted as Russia-Ukraine deal falters
Somali pirates release Turkish ship: company source
| International
|
China defends Internet policies against Amnesty charges
US trade deficit drops 27% on plunging global trade
New audit of Iraq's rebuilding has a familiar ring
Abbas blasts Israeli 'annihilation' in Gaza
U.S. helps Africa's armies talk to each other
| International
|
Netanyahu: Hamas must be toppled
No flying cars at this year's Detroit auto show
Israeli envoy plans 'decisive' talks in Egypt
China has close to 300 million Internet users: survey
Hamas leaves door open to Gaza truce deal with Israel
Chu warmly received at Senate confirmation hearing
Yahoo to name Bartz as new CEO: report
| Technology
|
Clinton promises 'smart power' under Obama
Former Osama bin Laden courier goes on trial
Clinton faces questions on her husband's charity
NKorea: US must alter 'hostile' policy
Dalai Lama invited to receive Rome honour
US, Mexico pledge cooperation on drugs
Parents of sick kids reject China's payout plan
U.S. Braces For Arctic Temps, Blizzard-Like Conditions
State Dept: Israeli PM flat wrong on Rice
NKorea releases Japanese drug smuggler: state media
U.S. Trade Deficit Falls As Americans Buy Less
Clinton to seek 'cooperative engagement' with Russia
Clinton vows 'aggressive effort' against NKorea proliferation
Florida Lawmaker Kendrick Meek To Run For U.S. Senate In 2010
10 suspected Islamic militants tried in Indonesia
IRS Warns About Email Scams, Asks Public To Report Fraud
Sony shock again? Slump may mean operating loss
Sen. Hillary Clinton Being Grilled By Committee On Her Appointment As Secretary Of State
No suggestion of recklessness in sailor’s death: coroner
Body Of Annapolis, MD Man Found Floating In Harbor At Sailing Club Identified
Sri Lankan jets pound rebel positions in the north
Bush Bestows Congressional Gold Medal On Ex-British, Australian PMs, Colombian President
Sony shock again? Slump may mean operating loss
China exports fall at fastest rate in 10 years
China's population of Net users hits 298 million
Warner makes Bollywood debut with kung fu comedy
| Entertainment
|
Fox says not planning massive TV network layoffs
| Entertainment
|
Howie Mandel released from Toronto hospital
| Entertainment
|
Publicist: Hargitay has partially collapsed lung
`Class,' `Bashir' make Oscars' foreign short list
US-ENTERTAINMENT Summary
Warner makes Bollywood debut with kung fu comedy
Evocative and real, 'Notorious' is a B.I.G. winner
'Waltz with Bashir' among Oscars foreign film hopefuls
Czech artist admits deception in EU art exhibit
Geoffrey Rush and Susan Sarandon come to Broadway
`Prison Break' to wrap after 4 seasons
Howie Mandel released from Toronto hospital
Senator: Missing American in secret prison in Iran
Israeli forces squeeze Gaza
| International
|
Iraqi voting rules raise concern about challenges
Autodesk exec Carol Bartz named CEO
U.S. says Iran still a malign influence in Iraq
| International
|
Italy rabbis pull out of dialogue, accuse Pope
| International
|
Study sees no eye cancer risk from mobile phones
IBM makes MRI scans 100 million times better
Latvian anti-government protest turns into riot
| International
|
Study sees no eye cancer risk from mobile phones
Former Japan Cabinet minister quits ruling party
Obama scrambles on Geithner and bailout concerns
Australia offers up 'best job': lounge in paradise
US military deaths in Afghanistan region at 566
Pentagon says 61 ex-Guantanamo inmates return to terrorism
Study sees no eye cancer risk from mobile phones
| Technology
|
Hillary Clinton Vows To Sound Alarm On Darfur If Sworn In As U.S. Sec Of State
Wall Street Ends Mixed On Choppy Trading
Foul Play Still Suspect In Deadly Kansas House Fire
Seoul shares open lower; caution before earnings
Weak US consumer confidence 'biggest concern:' Toyota
24s Jack Bauer gets conflicted on torture
| Entertainment
|
Leonard Cohen to play first U.S. show in 15 years
| Entertainment
|
Waltz in foreign Oscar running
| Entertainment
|
China Hits 298 Million Internet Users
Salsa star Blades donates recordings to Harvard
Capsule reviews of `Notorious' and other films
Is it a bird? Is it a plane? No, it's skycar
Review: `Defiance' a muted telling of great story
Football leads Fox to prime-time ratings win
Video games expected to evolve in 2009
Stone meets Bolivia's Morales for interview, coca
Leonard Cohen to play first U.S. show in 15 years
Filing: Polanski does not seek return to US
Publicist: Affleck, Garner name daughter Seraphina
New York Doctor Demands $1.5 Million From Ex-Wife For Kidney
Rocket attack on northern Israel from Lebanon
3 rockets fired from Lebanon fall on Israel
Fear and threats as Ethiopian troops quit Mogadishu
| International
|
EU keeps up pressure after Russia-Ukraine gas deal falters
NATO supply route in SW Pakistan reopens after blockade: police
China Internet users soar to 298 million
Italy rabbis pull out of dialogue, accuse Pope
| International
|
Global rush for 'best job in world' crashes Australian website
US mission in Afghanistan tougher than Iraq
US Senate, House launch YouTube channels
Autodesk exec Carol Bartz named CEO
Pakistan torn over how to handle Taliban: experts
Iraq joins nations banning chemical weapons
Report: Aborigines to suffer from climate change
Uphill battle for Chavez in Venezuela vote: polls
| International
|
Russia's neighbors feel pain of slowdown
| International
|
Calderon says Mexico can address U.S. trade concerns
| International
|
RPT-UPDATE 3-Asian Development Bank in cash call to boost loans
Chinese children snatched for sale by biker gang
| International
|
Irish PM leads trade mission to Japan
Bush unaware if bin Laden was close to being captured
Oil higher in Asia on OPEC chief's comments
RPT-GLOBAL MARKETS-Asian shares recover, but confidence lags
Chavez: OPEC could further reduce output
Authorities: Missing pilot in custody in Florida
Singapore's UOL makes bid for UIC, Singapore Land
Sri Lanka buries 41 unclaimed Tiger bodies
WWII bomb seriously injures Japanese: officials
Former BART Officer Accused Of New Year Shooting Arrested
Car hire company bills family after sons crushed by glacier
Dad Faces Charges Of Selling Underage Daughter Into Marriage, Groom For Rape
Report: Aborigines to suffer from climate change
Hunt Launched For Wanted Man Who Crashed Plane To Fake Death, Escape Lawsuits
Washington Court Rules Sex Between Teacher, 18-Year-Old Student Is Legal
Japanese businessman committed second murder: LA police
Judge Convicts Teen For Mom's Murder Over Video Game
Activist held after protest outside Shanghai meeting: rights groups
Google hopes to take on Microsoft using resellers
| Technology
|
New York Knicks Center Hit With Sexual Harrassment Charges
New Yahoo CEO lacks Web and deal-making chops
| Technology
|
Directors Approve Citigroup, Morgan Stanley Joint Venture
Japan shares gain on bargain-hunting
China Internet users soar to 298 million
| Technology
|
China's next export: Starbucks coffee
GM, Chrysler to skip Tokyo Motor Show: reports
Macau gaming heir looks to Taiwan
China chemical plant project moved after protests
Intel Capital invests $23 million in India
China's newest export: Starbucks coffee
S.Korea posts first monthly job loss in 5 yrs
Seoul shares end up 1.3 pct; motors, banks advance
Relatives angry at Indonesian search efforts
Yuan settlement trial confirmed for Shanghai: state media
Search for Indonesian ferry survivors fruitless
WALL-E and Man on Wire critics' top picks
| Entertainment
|
Hollywood actors remain in limbo on strike vote
Ozzy Osbourne family to return to TV-- reloaded
| Entertainment
|
Actors union meeting ends with no date for strike vote
Brendan Fraser joins Harrison Ford in drama
| Entertainment
|
Emmanuelle Chriqui joins Russian roulette thriller
| Entertainment
|
Jackie Chan circles Karate Kid remake
| Entertainment
|
Hollywood actors remain in limbo on strike vote
| Entertainment
|
Warner eyes cuts, Watchmen talks proceed
| Entertainment
|
Old World-New World women winemakers meet
Most accessible US inauguration won't be for many
"WALL-E" and "Man on Wire" critics' top picks
Brendan Fraser joins Harrison Ford in drama
Jordan home sales up amid property recession fears
Emmanuelle Chriqui joins Russian roulette thriller
Japan-flavored Taiwan film gets China release date
Can Obama make Washington the capital of cool?
`WALL-E,' `Man on Wire' top Golden Tomato Awards
Maman-minister: France debates politics and motherhood
California Dad Barters Daughter For $16,000, Food; Police Gets Her Back After Groom Fails To Pay
Investor Fakes Plane Crash, Disappears On Motorbike To Escape Lawsuits
'Halo 3' Addict Guilty Of Killing Mom, Shooting Dad
Bin Laden urges jihad against Israel
EU premiers plead for gas
| International
|
German economy shrinks 1.5-2.0% in fourth quarter
Indonesia probes ferry disaster as families join search
| International
|
Michelle Obama, set to be much more than 'mom-in-chief'
Pakistanis reopen Afghan force supply route
| International
|
Senate panel considers Obama's EPA pick
Saudi Sept 11 suspect tortured in Guantanamo: report
Taiwan arrests presidential office employee
Man Utd heading to Asia for pre-season tour
NKorea to crack down on markets to stem imports
Swiss sweep as Federer, Wawrinka win at Kooyong tennis
China revises figures, 'becomes world's number three economy'
Taiwan justice minister defends mocking Chen skit
Top separatist leader arrested in Indian Kashmir
China quake parents want answers to ruined schools
Obama's Hope, Optimism Campaign Battle Cry Being Used By Merchandisers
18 illegal immigrants flee Indonesian detention
Biden To Return From Final Congressional Trip Wednesday
China: Labradors sniff for drugs after planes land
Financial Adviser Who Allegedly Faked Plane Crash Arrested In Florida
Obama To Name Campaign Adviser As Federal Communications Commission Chair
HK stock index gains 0.3 percent; HSBC off 4.1 pct
British bank RBS says has sold Bank of China stake
Economic recovery still far off, says Invesco
South Korea's jobless rate rises in December
Pakistan's 6-mth T-bill cut-off yield at 14.0108 pct
China shares rebound on rise in lending
Toyota managers voluntarily buy cars to lift sales
China raises '07 growth, passing Germany
For kids in Slumdog slum, life is not as upbeat
| Entertainment
|
China cuts gasoline, diesel prices
No. 2 Taiwan shipper to add terminal at top island port
Cute canines run amok in Hotel for Dogs
| Entertainment
|
Taylor Swift to guest star on CSI
| Entertainment
|
Obama Expected To Announce Tech Adviser As FCC Chair
British women more worried about weight than cancer: poll
John Woo says his Chinese epic is transnational
Abdul declares loyalty to `Idol,' denies criticism
Taylor Swift to guest star on "CSI"
Cute canines run amok in "Hotel for Dogs"
Tape shows irrelevance of Bin Laden: White House
India army says Pakistan deployed troops on border
| International
|
Europe's .eu Internet domain marks three millionth address
Israel stops Iranian aid ship heading to Gaza
Technology alone 'won't assure youth safety on Internet'
US retail sales plunge shock 2.7% in December
Osama Bin Laden calls for jihad over Gaza
Demand for "best job in the world" crashes website
Absence, silence stir speculation on Castro health
| International
|
Internet threat to minors overblown, study suggests
IBM wins most U.S. patents in 2008
Japanese gang member released from NKorea
Internet threat to minors overblown, study suggests
| Technology
|
Singaporean terror suspect in Indonesia says ready to face consequences
Demand for best job in the world crashes website
| Technology
|
U.S. arrests wealth manager accused of faking death
Mobile download of movies and games available soon
North East CDC increases economic assistance from S$1.4m to S$3m
IBM wins most U.S. patents in 2008
| Technology
|
Indian army chief confirms Pakistan troop movements
Afghan minister: Old customs impede women's rights
Tennessee Grappling With Desire To Cut State Sales Tax On Groceries Amid $1B Deficit
Sri Lanka says it has seized northern peninsula
Boston Mayor Proposes One-Year Salary Freeze For City Workers
Register of Family Physicians may be set up to raise standards of care
U.S., Other Recessions Forecast To Cause Cuts In Technology Spending
Al Franken Asks Minnesota Supreme Court To Force Officials To Issue Election Certificate
Report: There Are 3.4 Million Stalking Victims In The U.S. Yearly
Second Round Of Deep Job Cuts At Largest North American Heavy-Duty Truck Engine Manufacturer
Budget Shortfalls Might Force 2 New York City Hospitals To Close By February
Incoming Treasury Sec. Tim Geithner Asked About Taxes, Housekeeper's Work Status
Financial Crisis Underway For California Hospitals