(Adds economist, more details)
By Choonsik Yoo
SEOUL, March 15 (Reuters) - South Korea's unemployment
rate has fallen back to a record low, data showed on Wednesday,
mainly due to increased employment among people aged 60 and
over, and as shrinking exports and a sluggish housing market
have yet to significantly hit payrolls.
The unemployment rate was 2.6% in February versus 2.9% in
January on a seasonally adjusted basis, matching a record low
also touched in August, showed data from Statistics Korea.
Economists said the data is one of the most time-lagging
indicators.
"Manufacturing and construction sectors, among others, will
soon begin to show the effects of shrinking exports and a
weakening housing market," said Park Sang-hyun at HI Investment
and Securities.
People aged 60 or older contributed most to the declining
unemployment rate with the figure in this age group falling to
1.6% from 2.6% a month earlier. The jobless rates for other age
groups changed little, with some rising slightly.
Exports fell in each of the past five months from a year
earlier as the global economy slowed after a series of monetary
tightening measures worldwide.
(Reporting by Choonsik Yoo; Editing by Tom Hogue and
Christopher Cushing)
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