November Employment Increased by 626,000... Slowing for 6 Consecutive Months (Update)

Employment Trends

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Although the number of employed persons increased by more than 600,000 last month, the rate of increase has slowed for six consecutive months since May. Amid growing economic uncertainties in the second half of this year, this trend is gradually reflected in employment indicators, which are considered representative lagging economic indicators.

According to the 'November Employment Trends' released by Statistics Korea on the 14th, the total number of employed persons last month was 28,421,000, an increase of 626,000 compared to the same month last year. The absolute scale of employed persons is at a record high. It is the largest increase in 23 years since 1999 (an increase of 1,217,000) for the same month.

The employment rate for those aged 15 and over was 62.7%, up 1.2 percentage points from the same month last year. This is the highest for November since monthly statistics began in July 1982.

The number of unemployed persons was 666,000, down 68,000 during the same period. The unemployment rate recorded 2.3%, down 0.3 percentage points, the lowest for November since the unemployment rate criteria were changed in June 1999.

However, compared to the strong employment recovery trend seen since early last year following the COVID-19 pandemic, the recovery appears to be gradually slowing. The increase in the number of employed persons has been slowing for six consecutive months since May, when it recorded 935,000.

Employment patterns varied significantly by age group. About three out of four (approximately 76%) of the increase in employed persons last month were elderly aged 60 and over. The youth group (aged 15?29) actually decreased by 5,000, marking a decline for the first time in 21 months, indicating a challenging employment situation.

Gong Mi-sook, Director of the Social Statistics Bureau at Statistics Korea, explained, "Although the increase in employed persons continues, the rate of increase has slowed, and both the number of unemployed and economically inactive population have decreased. By industry, manufacturing is declining, and the increase in employed persons in wholesale and retail trade as well as transportation and warehousing has also decreased."