February Employment Trends Announced by Statistics Korea on the 13th
Number of Employed Persons Increased by 329,000 in February
The number of employed people last month increased by nearly 330,000 compared to the same period last year. The increase in employment numbers remained in the 300,000 range for two consecutive months. With the recovery of exports, employment in the manufacturing sector showed an increasing trend for three consecutive months. The employment rate for those aged 15 and over (61.6%) and for those aged 15-64 (68.7%) recorded all-time highs as of February.
According to the 'February Employment Trends' released by Statistics Korea on the 13th, the number of employed people aged 15 and over last month was 28,043,000, an increase of 329,000 (1.2%) compared to the same month last year. The increase in employment numbers had dropped to the 200,000 range in November (277,000) and December (285,000) last year but recovered to the 300,000 range again following January (380,000) this year. The Ministry of Economy and Finance evaluated, "The population increased by about 170,000 in February, but the number of employed people increased by 330,000," adding, "This shows a robust employment trend with employment growth exceeding population growth."
The increase in employment in February was driven by public administration, defense, and social security administration (98,000). Seoun Joo, Director of the Social Statistics Bureau at Statistics Korea, explained, "It seems that the increase in the public administration sector, including programs like Neulbom School, reflects the strengthening of policy-required areas." A Ministry of Economy and Finance official analyzed, "Among the increased jobs in public administration, many were regular positions," adding, "Government direct jobs are not fully reflected in employment statistics and most are temporary, so their proportion is not high." Employment also increased in the information and communication sector (80,000) and professional, scientific, and technical services sector (78,000).
Construction Employment Increases for 6 Consecutive Months Despite Construction Market Downturn... Manufacturing Employment Up for 3 Consecutive Months
Despite the downturn in the construction market, employment in the construction sector increased by 36,000. This marks six consecutive months of growth since September last year. Director Seo said, "While employment in general construction is decreasing, employment is increasing in specialized trades such as wallpapering, flooring, and electrical work." He added, "Warmer-than-average weather has allowed construction to proceed in various sectors, and both demand and supply related to site safety have increased." Employment in manufacturing also rose by 38,000, showing an increase for three consecutive months. Director Seo noted, "Manufacturing is typically influenced by exports and the economy, and employment increased due to strengthened growth in food products, automobiles, and other machinery sectors that are being exported."
On the other hand, the health and social welfare services sector, which had driven employment growth, saw its increase shrink from 104,000 in January to 72,000 in February. This is the smallest increase since January 2021 (74,000). Although the welfare market is expanding due to aging, jobs in the health sector appear to have decreased. However, Director Seo said, "It is presumed that the reduction is due to the withdrawal of positions filled before the complete lifting of COVID-19 restrictions," adding, "This trend needs to be checked again next month." Employment decreased in agriculture, forestry, and fisheries (-33,000), education services (-22,000), and real estate (-21,000).
Employment of Those Aged 60 and Over Increases by 290,000... Youth Employment Decreases by 61,000
By age group, those aged 60 and over led the increase in employment with a rise of 297,000. Employment growth is centered on the elderly due to aging. Employment also increased by 84,000 in the 50s age group and 71,000 in the 30s. Employment decreased by 62,000 in the 40s and 29,000 in the 20s. Youth employment (ages 15-29) decreased by 61,000, continuing the downward trend. However, the youth employment rate was 46%, the highest ever for February, and the youth unemployment rate was 6.5%, the lowest ever for February, maintaining a favorable trend.
The employment rate for those aged 15 and over was 61.6%, up 0.5 percentage points from a year earlier. This is the highest for February since monthly statistics began in July 1982. The employment rate for those aged 15-64, the OECD comparison standard, was 68.7%, up 0.7 percentage points from the same month last year, marking an all-time high for February. The youth employment rate (ages 15-29) was 46.0%, up 0.5 percentage points from the same month last year, also the highest ever for February.
The unemployment rate was 3.2%, up 0.1 percentage points from the same month last year. The number of unemployed was 915,000, an increase of 25,000 compared to the same month last year. The number of unemployed increased among those aged 60 and over (36,000) and those in their 30s (26,000). The economically inactive population decreased by 183,000 compared to a year earlier.
The Ministry of Economy and Finance forecasted, "Since the export improvement trend continues, it is expected to positively affect manufacturing employment," but added, "However, downside risks remain, such as the possibility of a slowdown in construction employment due to weak construction orders."
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