Korea's jobless youth rate hits the highest in February

South Korea is in pity grim place these days for young graduates looking to find a decent job and it appears to be getting worse, unfortunately. Last month, the nation's youth unemployment rate hit its highest level.

The jobless rate among Korea's young people reached 12.5% in February.

That's the highest figure the country has posted since 1999 when related data was first compiled. 

Statistics Korea says the number of unemployed between 15 to 29 years of age stood at 560-thousand, up 76-thousand from the same month a year ago. 

The agency cites seasonal factors coupled with an increase in the number of people jumping into the workforce for the sharp rise.

The economic activity participation rate among young people rose 1.2% last month from a year earlier.

The agency also says the rise in the number of applicants taking the civil service entrance exam pushed up the youth unemployment rate as most of the candidates fall under the age bracket.

It says that factor alone raised the jobless rate by half-a-percentage point. 

The overall growth in the number of employed also slowed last month, rising 223-thousand compared to the previous year. 

It marks the slowest pace of growth in ten months and marks a sharp slowdown from the 339-thousand increase posted in January.

This trend of young people looking for workplaces with job security, the government says, is what sharply raised unemployment figures last month. 

While exam applicants are classified as part of the "economically inactive" population before they take the test, they automatically become "job seekers" afterward. 

The government also points to some temporary and seasonal factors like the effect of winter, which usually puts a damper on the job market.

Experts say, however, the jobs figures this month actually give a clearer picture of what the numbers might have excluded. 

"Comparing the data from the first two months of the year, with that of last year or the year before that, I think it's right to say the job market became depressed due to the slumping economy."

"Facing numbers that continue to reflect the sluggish job market conditions for Korea's younger generation, the government plans to lay out a fresh and comprehensive set of measures to tackle the issue next month.

Experts say such measures should include drastic reforms that close the gap between regular and temporary workers as well as large companies and small-and mid-sized firms.