S. Korea’s jobless claims fall in January

South Korea’s jobless claims fell last month due to lower demand in the business service, the health and welfare, and the public administration industries, according to the government data published on Monday.

The number of new applicants for job-seeking benefits stood at 186,000 in January, down 7.9 percent compared to the same month of last year, according to the Ministry of Employment and Labor.

 It marked the first decline in four months after growing 12.4 percent in October, 2.2 percent in November and 9.0 percent in December last year.  The benefit applicants dwindled in the business service, the health and welfare and the public administration sectors, but the reading in the construction industry increased last month.

The job-seeking benefits are offered by the government to help the unemployed seek jobs, taking up a majority of unemployment benefits. It is financed by the state employment insurance fund.

The number of benefit receivers totalled 600,000 in January, down 2.3 percent from previous year.

The total payment of job-seeking benefits gained 3.8 percent to 974.7 billion won (670.1 million U.S. dollars) in the cited month.