The number of employed people last month increased by about 270,000 compared to a year ago, expanding the growth rate. On the other hand, employment among youth aged 15 to 29 decreased for the 10th consecutive month.
According to the 'August 2023 Employment Trends' released by Statistics Korea on the 13th, the number of employed people last month was 28,678,000, an increase of 268,000 (0.9%) compared to the same period last year. The number of employed has been increasing for 30 consecutive months since March 2021, when it rose by 314,000.
The growth rate had slowed for four consecutive months from April (354,000), May (351,000), June (333,000), and July (211,000), but rebounded last month. The increase in the number of employed remained in the 200,000 range for the second consecutive month.
Youth employment (ages 15-29) was 3,931,000, down by 103,000, marking a decrease for 10 consecutive months. The decline slowed compared to May (99,000), June (117,000), and July (138,000).
On the 19th, citizens searching for jobs visited the '2022 World Class Job Festival,' a job fair specialized for small and medium-sized enterprises hosted by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, held at COEX in Gangnam-gu, Seoul. Photo by Mun Ho-nam munonam@
Seo Woon-ju, Director of the Social Statistics Bureau at Statistics Korea, explained, "The proportion of students in their early 20s attending school is increasing," adding, "In a situation where the population is also decreasing, the proportion of students in their early 20s attending school remains high."
The employment rate was 63.1%, up 0.3 percentage points from the previous year. The employment rate for ages 15-64, the OECD comparison standard, was 69.6%, up 0.7 percentage points from a year ago. This is the highest since related statistics began in January 1989, based on August data.
The number of unemployed last month was 573,000, down 41,000 (-6.7%) compared to the same month last year. The unemployment rate, which is the proportion of unemployed among the economically active population, was 2.0%, down 0.1 percentage points from a year ago.
By age group, the number of employed increased by 304,000 for those aged 60 and over, 73,000 for those in their 50s, and 64,000 for those in their 30s, but decreased by 103,000 for those aged 20 and under and 69,000 for those in their 40s.
By industry, employment increased by 138,000 (4.9%) in health and social welfare services, 121,000 (5.5%) in accommodation and food services, and 57,000 (4.4%) in professional, scientific, and technical services.
On the other hand, employment decreased by 69,000 (-2.1%) in wholesale and retail trade, 69,000 (-1.5%) in manufacturing, and 19,000 (1.1%) in agriculture, forestry, and fishing.
The number of employed in manufacturing has been declining for eight consecutive months.
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