Employment increased by 411,000 in January this year... Growth rate declines for 8 consecutive months

Statistics Korea, Employment Trends in January 2023

[Asia Economy Sejong=Joo Sang-don, Song Seung-seop reporters] The increase in the number of employed people in January this year was limited to 411,000, marking the eighth consecutive month of a declining growth rate.

On the 15th, Statistics Korea announced the 'January 2023 Employment Trends' containing this information.

The number of employed people in January was 27,363,000, an increase of 411,000 compared to the same month last year. The increase in employment peaked at 935,000 in May last year and began to decline to 841,000 in June. This trend has continued for eight months.

The employment rate for ages 15-64 (OECD comparison standard) was 67.8%, up 0.8 percentage points from the same month last year. The increase in the employment rate for the youth group (ages 15-29) was smaller, rising by only 0.4 percentage points to 46.1%.

Looking at the increase or decrease in the number of employed people by age group, those aged 60 and over increased by 400,000, those in their 50s by 107,000, and those in their 30s by 17,000. However, those in their 40s decreased by 63,000, and those in their 20s decreased by 43,000.

By industry, employment increased in health and social welfare services (220,000, 9.3%), accommodation and food services (214,000, 10.2%), and information and communication (72,000, 7.7%). On the other hand, employment decreased in wholesale and retail trade (-61,000, -1.8%), transportation and storage (-51,000, -3.0%), and agriculture, forestry, and fisheries (-47,000, -3.8%). In manufacturing, the number of employed people decreased by 35,000 from 4,467,000 in January last year to 4,432,000 this January. This is the first decline in manufacturing employment in 15 months since October 2021 (-13,000).

The number of unemployed people in January was 1,024,000, a decrease of 119,000 (-10.4%) compared to the same month last year. The unemployment rate was 3.6%, down 0.5 percentage points from the same month last year.

Seo Woon-joo, Director of the Social Statistics Bureau at Statistics Korea, said, "In January, employment increased mainly in health and social welfare services, but the increase in employment slowed due to a decline in manufacturing." He added, "In February, there are positive factors related to the adjustment of indoor mask-wearing mandates and the recovery of daily life, but there is a base effect and growing domestic and international economic uncertainties, so these factors must be comprehensively considered."