670,000 Jobs Added in October... Growth Rate Slows for 5 Consecutive Months (Update)

[Asia Economy Sejong=Reporter Kim Hyewon, Sejong=Reporter Kwon Haeyoung] The number of employed people in October increased by 677,000 compared to a year ago, but the growth rate has slowed for five consecutive months.

According to the 'October Employment Trends' announced by Statistics Korea on the 9th, the number of employed people last month was 28,418,000, an increase of 677,000 compared to the same period last year.

This is the largest increase in 23 years since October 1999 (966,000) for the same month.

However, the increase has decreased for five consecutive months, from 935,000 in May to 841,000 in June, 826,000 in July, 807,000 in August, 707,000 in September, and continuing to October.

The employment increase exceeded 1 million in January and February this year but shrank to 831,000 in March. It expanded again in April (865,000) and May (935,000), but the slowing trend has continued since June.

By age group, employment among those aged 60 and over increased by 460,000, leading the overall employment growth. More than half, 67.9%, were aged 60 and over. Employment also increased among those in their 50s (147,000), 30s (61,000), and under 20s (21,000). On the other hand, employment decreased by 11,000 in the 40s age group, where the population is declining.

By industry, employment increased significantly in manufacturing (201,000), accommodation and food services (153,000), and health and welfare (121,000).

The employment rate for those aged 15 and over was 62.7%, up 1.3 percentage points from the same month last year. This is the highest figure for October since monthly statistics began in July 1982.

The number of unemployed was 692,000, down 95,000 from a year ago. The unemployment rate was 2.4%, a decrease of 0.4 percentage points.

Gong Misook, Director of the Social Statistics Bureau at Statistics Korea, said, "Employment continues to increase, but the growth rate has slowed," adding, "Whether this trend will continue depends on many external factors such as interest rates, inflation, and exchange rates, so we need to watch closely."