Employment increased by 469,000 in March... Growth rate expands for the first time in 10 months

Statistics Korea, March Employment Trends

The increase in the number of employed people expanded last month for the first time in 10 months. Despite a decline in exports, the Statistics Korea explained that employment rose as outdoor activities increased.

According to the employment trend report for March released by Statistics Korea on the 12th, the number of employed persons aged 15 and over was 28,223,000, an increase of 469,000 (1.7%) compared to the same month last year.

The employment rate for those aged 15 and over rose by 0.8 percentage points to 62.2%. This is the highest level since monthly statistics began in 1982. The employment rate for those aged 15 to 64 (OECD comparison standard) was 68.7%, up 0.9 percentage points from the same month last year. This is also the highest for March since related statistics began in 1989.

Looking at the year-on-year changes in employment by age group, employment increased by 547,000 for those aged 60 and over, 50,000 for those in their 50s, and 24,000 for those in their 30s. On the other hand, employment decreased by 63,000 for those in their 40s and especially by 86,000 for those in their 20s.

Seo Woon-ju, Director of the Social Statistics Bureau at Statistics Korea, explained, "The increase in employment among those aged 60 and over is the largest since February 2020, and employment is rising along with population growth. For the youth, there are some short-term effects, but the recent unemployment rate has generally remained low."

By industry, employment increased in health and social welfare services (186,000; 6.9%), accommodation and food services (177,000; 8.5%), and information and communication (65,000; 6.8%). Employment decreased in wholesale and retail trade (-66,000; -2.0%), manufacturing (-49,000; -1.1%), and construction (-20,000; -1.0%). Employment in manufacturing has declined for three consecutive months.

The number of unemployed in March was 840,000, down 34,000 (-3.8%) from the same month last year. The unemployment rate fell by 0.1 percentage points to 2.9%.

The unemployment rate rose by 0.4 percentage points for those in their 30s and 0.2 percentage points for those in their 20s, but fell by 1.0 percentage point for those aged 60 and over.

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Director Seo said, "As seen in March, the recovery of daily life can have a positive impact, and institutional support for the increase in foreign tourists as well as measures to revitalize domestic demand may lead to employment growth centered on face-to-face industries. However, there is uncertainty because factors slowing down the manufacturing and wholesale and retail sectors, which are affected by inflation and export conditions, are mixed."