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South Korea August jobless rate logs fastest monthly drop since 1999

FILE PHOTO: Men look at recruiting information during a job fair in Seoul, South Korea, April 12, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s unemployment rate dropped in August by the sharpest monthly decline since 1999 as more people stopped looking for work amid the coronavirus pandemic and floods.

The seasonally adjusted unemployment rate declined to 3.2% in August, down one full percentage point from 4.2% in July, data from Statistics Korea showed on Wednesday.

Reporting by Cynthia Kim, Joori Roh; Editing by Jacqueline Wong

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