InfoAnda - WRAPUP 2-S.Korea sheds most jobs in 5 yrs as slump deepens

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: WRAPUP 2-S.Korea sheds most jobs in 5 yrs as slump deepens Reuters - Thursday, March 19 * Job loss hits over 5-year high in February ADVERTISEMENT * Grim data reinforces expectations for more rate cuts * State agency to buy bad debt from savings banks * Loan delinquency ratio at banks hits 3-year high By Kim Yeon-hee and Cheon Jong-woo SEOUL, March 18 - South Korea's economy shed the most jobs in more than five years in February but lay offs look set to pick up as the global downturn drags the country into its first recession in more than a decade. Job losses in February compared to the same year-earlier month rose to 142,000, the most since September 2003, from 103,000 in January. Losses in February alone were a seasonally adjusted 70,000, the most in four years, statistics agency data showed on Wednesday. The finance ministry has already forecast jobs will fall each month by an average of 200,000 from the year-earlier month during 2009 as the trade-reliant economy feels the constriction of the global downturn, suggesting job losses will pick up in pace. With the job market deteriorating, the prime minister's office said it would unveil measures on Thursday to protect jobs following a weekly economic crisis meeting to be hosted by President Lee Myung-bak. [ID:nSEO2477] "With a lot of firms idling their production lines on sluggish demand at home and from abroad, we will see more job losses," said Lee Sang-jae, an economist at Hyundai Securities. "Job market conditions should be a major concern for the government and the central bank will not be able to ignore them." Still, the finance ministry is expecting the current downturn to have a much smaller impact on jobs than during the Asian financial crisis in 1998, when jobs fell on average by 1.3 million from the same year-earlier month. To encourage risk-averse banks to keep lending and prevent more job losses, the state debt-clearing agency said it will buy $876 million in problem loans from savings banks to ease strains in a financial sector experiencing the highest loan delinquency ratios in more than three years. [ID:nSEO325976] The Korea Asset Management Corp said it will buy 1.24 trillion won of such loans from the country's 51 savings banks, more than doubling the amount of its last purchase in December. [ID:nSEO369334] Signs of a deepening slump are likely to force the central bank to cut interest rates again and push the government to bring in more measures to protect jobs in a country that traditionally shies away from mass layoffs. The government and the ruling party agreed in principle on Monday on a supplementary budget of up to 29 trillion won focusing on jobs and shoring up domestic demand in the face of collapsing exports that normally buttress the economy. The seasonally adjusted unemployment rate rose to a 3-year high of 3.5 percent in February from 3.3 percent in January and those seeking jobs fell to 60.8 percent of the workforce, the lowest since April 2000, suggesting some were giving up looking for work. [ID:nSEV000651] BUY TROUBLED DEBT Financial markets showed muted reaction to the widely expected jump in the jobless rate, with investors expecting the central bank to further lower interest rates and try to keep money flowing through the financial system. The Bank of Korea has slashed the benchmark interest rate by a total of 3.25 percentage points since early October to a record low of 2.00 percent, and analysts bet it will bring the rate down to around 1.5 percent soon. In another move to deal with problem loans, the Financial Services Commission unveiled plans on Friday to launch a 40 trillion won fund to buy troubled debt from financial institutions. It also announced another plan to inject public money into financial companies. South Korea's export-dependent economy contracted 5.6 percent in the fourth quarter of 2008, the second-worst quarterly contraction on record. The economy is widely expected to experience a second straight quarter of contraction between January and March and so meet the common definition of recession. The government forecasts GDP will fall by 2 percent in 2009, but private-sector analysts say it could slide as much as 7 percent, which would make it the worst performance in the country's nearly 40 years of industrialisation. (Additional reporting by Seo Eun-kyung; Writing by Yoo Choonsik; Editing by Neil Fullick) 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 China scuttles Coke's bid for juice makerReuters - 1 hour 46 minutes ago Wall Street gives up some gains, opens lowerAP - 1 hour 48 minutes ago Oil retreats after U.S. stock buildReuters - 1 hour 48 minutes ago China rejects $2.4 bln Coke bid for Huiyuan JuiceReuters - 1 hour 49 minutes ago Maalot to cut Discount Bank capital notes ratingsReuters - 1 hour 51 minutes ago Most Popular – Business Viewed AIG storm rages in Washington Injured actress Richardson flown to US: hospital Miniature carnivore dinosaurs roamed North America Arrest warrant issued for Lindsay Lohan For sale: nagging wife, very high maintenance View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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