South Korea jobless rate hits 1 year high

South Korea's jobless rate rose to a one-year high in February, according to official data, as more university graduates flooded onto the market. The seasonally adjusted jobless rate of 3.4 percent was the highest since the 3.7 percent posted in February 2012, and up from 3.2 percent in January. Unadjusted, the unemployment rate was 4.0 percent in February compared with 3.4 percent the previous month. Among those aged 25 to 29, the rate was a relatively high 8.0 percent compared with 6.4 percent in January as most graduates start their job searches in February. The seasonally adjusted number of employed people was 24.77 million in February, compared with 24.78 million the previous month. The numbers came a day before central bank policymakers hold their monthly monetary meeting, which has seen the key interest rate remain unchanged at 2.75 percent for the past four months. Many analysts expect the Bank of Korea to cut the rate later this year to boost growth in Asia's fourth-largest economy, which has suffered from sagging export demand.