SEOUL: South Korea’s unemployment rate climbed in October as a planned easing of virus-related restrictions allowed job seekers to resume hunting for work.

       The jobless rate increased to 3.2% from 3% in September, the statistics office reported. That was higher than economists’ forecasts for 3.1%. From a year earlier, the economy added 652,000 positions, marking an eighth straight month of gains.

       South Korea’s economy has been gearing up for a loosening of social distancing rules this month that will allow most restaurants to fully reopen and scale back limits on private gatherings. The labour market averted a significant slowdown during the latest coronavirus outbreak, but economists expect a normalisation of activity and participation will lift unemployment going forward.

       The report showed the participation rate edged up by 0.1 percentage point from September to 62.8%; however, the reading is still well below the pre-Covid peak of 64.1% in early 2020. From the previous month, the number of employed workers rose by 18,000, while those without work increased by a larger 51,000. ― Bloomberg