September Employment Increased by 671,000... Largest Growth in 7 Years and 6 Months (Update)

Statistics Korea Announces 'September 2021 Employment Trends' on the 13th

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The number of employed people increased by more than 670,000 compared to a year ago last month, marking the largest increase in 7 years and 6 months. The employment recovery trend has continued for seven consecutive months due to favorable exports, non-face-to-face and digital transformation, and base effects.

According to the 'September 2021 Employment Trends' released by Statistics Korea on the 13th, the number of employed people last month was 27,683,000, an increase of 671,000 compared to the same month last year. The increase in employment, which began in March, has continued for seven months, and in terms of the increase, it was the largest in 7 years and 6 months since March 2014 (726,000).

Jung Dongmyung, Director of the Social Statistics Bureau at Statistics Korea, explained, "September employment shows an increase in employed people and a decrease in unemployed and economically inactive population due to non-face-to-face digital transformation, favorable exports, and base effects, demonstrating a sustained employment recovery trend."

By industry, the number of workers in health and social welfare services surged by 280,000, transportation and warehousing increased by 163,000, and education services rose by 98,000. On the other hand, the number of workers in wholesale and retail trade decreased by 122,000, and those in associations, repair, and other personal services decreased by 41,000. The number of employed people in manufacturing also decreased by 37,000.

The overall employment rate for those aged 15 and over was 61.3%, up 1.0 percentage point compared to the same month last year. The number of unemployed was 756,000, down 244,000 from a year ago.

The unemployment rate fell by 0.9 percentage points to 2.7%, the lowest in eight years since September 2013 (2.7%) for the same month. The economically inactive population was 16,685,000, decreasing by 132,000, marking seven consecutive months of decline since March.