The unemployment rate in South Korea jumped to the highest level in 3.5 years in December, Reuters reports.

SEOUL (Reuters) – South Korea’s jobless rate jumped to a 3-1/2-year high in December as economic uncertainty rose and sentiment weakened amid political turmoil, official data showed on Wednesday.

The unemployment rate rose to 3.7% on a seasonally adjusted basis in December, the highest since June 2021 and up sharply from 2.7% in November, according to Statistics Korea.

The number of people employed fell by 52,000 in the 12 months to December, after a rise of 123,000 in November. It was the first decline since February 2021.