(Bloomberg) -- South Korea’s jobless rate ticked higher for a third month, an unexpected outcome that illustrates the challenge of boosting hiring in an economy struggling with slumping exports and weak investment.

The unemployment rate climbed to 3.6% in November, seasonally adjusted data from the statistics office showed Wednesday. Economists had predicted the rate would stay unchanged at 3.5%.

Wednesday’s report shows South Korea’s job market remains on a wobbly footing. Heavily reliant on trade for growth, economists expect the Asian economy to expand just 1.9% this year, the slowest pace since the global financial crisis, with the performance in 2020 only slightly better.

The jobless rate had hovered around 4% this year before unexpectedly dropping to 3.1% in August. It rebounded to the mid-3% levels in the following months, which was still low compared to recent-year readings.

To contact the reporter on this story: Sam Kim in Seoul at skim609@bloomberg.net

To contact the editors responsible for this story: Paul Jackson at pjackson53@bloomberg.net, Jiyeun Lee, Jason Clenfield

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