Employment increased by 826,000 in July... Growth rate slows for second consecutive month (Update)

[Asia Economy Sejong=Reporters Kim Hyewon and Son Seonhee] The number of employed people in July increased by 826,000 compared to a year ago. Although this is the largest increase in 22 years for the same month, the monthly trend shows a slowdown in the growth rate for two consecutive months.

According to the 'July Employment Trends' released by Statistics Korea on the 10th, the number of employed people last month was 28,475,000, an increase of 826,000 compared to the same period last year. This is the highest figure for July since 2000 (1.03 million).

However, the increase in the number of employed people compared to the same month last year decreased for two consecutive months following June (841,000). This year, the number of employed people showed an improving trend by increasing for two consecutive months in April (865,000) and May (935,000), but the momentum weakened in June and July.

The overall employment rate and the employment rate for those aged 15-64 both recorded the highest levels for the same month since statistics began. The July employment rate was 62.9%, the highest since monthly statistics started in July 1982, and the employment rate for those aged 15-64 was 69.1%, the highest since 1989.

By industry, employment increased in manufacturing (176,000), health and social welfare services (130,000), and information and communication (95,000). In particular, manufacturing saw the largest increase since November 2015 (182,000). On the other hand, finance and insurance decreased by 21,000, continuing a decline for seven consecutive months.

By age group, jobs for those aged 60 and over (479,000) increased the most. This age group accounted for 58% of the total increase in employed people. This was followed by those in their 50s (194,000), 20s (95,000), and 30s (62,000). Employment in the 40s age group decreased by 1,000.

The number of unemployed people was 836,000, down 84,000 from a year ago. The unemployment rate was 2.9%, down 0.3 percentage points compared to the same month last year.

The economically inactive population was 15,947,000, a decrease of 575,000 over the year.

Gong Misook, Director of the Social Statistics Bureau at Statistics Korea, said, "The July employment trends showed the highest employment rate for July since related statistics began." She added, "Employment increased mainly in manufacturing, while the number of unemployed and economically inactive people decreased, showing a continued increase in employment."