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South Korea's jobless rate rises to 3.9 percent

(Agencies)
Updated: 2009-03-18 16:26

SEOUL, South Korea -South Korea's jobless rate rose for a fourth straight month, official data showed Wednesday, as the country's worst slump in a decade takes its toll on workers.

February's unemployment rate stood at 3.9 percent, up from 3.6 percent in January, according to the Korea National Statistical Office. Adjusted for seasonal factors, the rate rose to 3.6 percent from 3.3 percent.

South Korea is facing its worst downturn since the 197-98 Asian economic crisis as exports and production slump in the face of a drop-off in global demand for its cars and electronic products.

Asia's fourth-largest economy shrank 3.4 percent in the fourth quarter of last year. The government says the economy will contract 2.2 percent in 2009, which would be the first annual shrinkage since 1998.

The Bank of Korea slashed interest six times from October to a record low 2 percent, though took a breather at its most recent policy meeting last week.