The jobless rate has gone up for the first time in seven years. That’s according to a report released Tuesday by the government statistics office.
The report says the jobless rate stood at 3.91% in November, up 0.01 percentage point from the previous month.
However, the figure was the second lowest for that month in 8 years. The average jobless rate from January to November at 3.77% was also the lowest level in the same period in 15 years.
The jobless rate usually drops starting September after peaking in the summer because of the graduation season.
However, the statistics office said the job market was hurt by the economic downturn and the number of the unemployed has risen for five months in a row. Still, the office said that does not mean the labor market is turning for the worse.
It is expected that the jobless rate will go down in December and January as there are usually more job opportunities during that period.