Employment Increased by 350,000 in April... Manufacturing Sees Largest Decline in 28 Months (Update)

The number of employed people in April this year increased by 354,000 compared to a year ago, indicating a relatively favorable employment situation. Employment in the accommodation and food service industry and the health and welfare sector showed strong performance, supported by increased outdoor activities and care demand. However, due to a decline in exports, the number of employed in manufacturing decreased by 97,000, marking the largest drop in 28 months since December 2020 (110,000).

According to the 'April Employment Trends' released by Statistics Korea on the 10th, the number of employed last month was 28,432,000, an increase of 354,000 from the same month last year. Although this increase was smaller than the 469,000 rise in March, it was higher than the 312,000 increase in February.

Employment growth was supported by increases in accommodation and food service (171,000), health and welfare (148,000), and professional scientific and technical services (100,000).

By employment status, the number of regular employees increased by 464,000, while temporary employees (-100,000) and daily workers (-76,000) decreased, showing a positive trend.

The employment rate for those aged 15 and over was 62.7%, up 0.6 percentage points from a year ago, marking the highest April figure since statistics began in July 1982. However, the youth employment rate fell by 0.6 percentage points to 46.0%. The number of employed youth (aged 15?29) decreased by 137,000, marking six consecutive months of decline. This was the largest drop in youth employment in two years and two months since February 2021 (-142,000).

The number of unemployed was 804,000, down 59,000, the lowest April figure since April 2008 (791,000).

The unemployment rate also fell by 0.2 percentage points to 2.8%, the lowest April figure since the criteria change in June 1999. The youth unemployment rate (6.4%) dropped by 1.0 percentage point, also the lowest since the criteria change.