April Employment Increases by 261,000... Unemployment Growth Rate Highest in Over 3 Years (Update)

Statistics Korea Announces Employment Trends

Due to strong export performance, the number of manufacturing sector employees increased, leading to a recovery in the monthly employment growth to the 200,000 range last month. The number of employed persons has been increasing for 38 consecutive months since March 2021.

According to the 'April Employment Trends' released by Statistics Korea on the 17th, the number of employed persons aged 15 and over last month was 28,693,000, an increase of 261,000 (0.9%) compared to the same month last year.

The employment growth, which maintained the 300,000 range in January and February this year, sharply dropped to 173,000 in March but recovered to the 200,000 range again.

Seounju, Director of the Social Statistics Bureau at Statistics Korea, explained, "The increase in employment in manufacturing, health and welfare, and information and communication sectors due to strong exports and increased care demand expanded the growth compared to the previous month."

By age group, employment increased by 292,000 for those aged 60 and over, 132,000 for those in their 30s, and 16,000 for those in their 50s, while it decreased by 90,000 for those in their 40s and 77,000 for those in their 20s.

By industry, employment increased in manufacturing (100,000), health and social welfare services (93,000), and information and communication (68,000). It decreased in business facility management, business support and rental services (-66,000), education services (-49,000), and wholesale and retail trade (-39,000).

By employment status, among wage workers, permanent employees increased by 293,000 and temporary employees by 200,000, while daily workers decreased by 147,000.

The employment rate for those aged 15 and over recorded 63.0%, rising by 0.3 percentage points compared to a year ago. This is the highest April figure since monthly statistics began in July 1982.

The employment rate for ages 15-64, the OECD comparison standard, was 69.6%, up 0.6 percentage points from the same month last year. The youth employment rate (ages 15-29) was 46.2%, increasing by 0.2 percentage points year-on-year.

The unemployment rate was 3.0%, up 0.2 percentage points from the same month last year. The number of unemployed persons was 885,000, an increase of 81,000 compared to the same month last year. This marks the largest increase in 3 years and 2 months since February 2021 (201,000).

The number of unemployed increased among those aged 60 and over (39,000) and those in their 50s (26,000).

The youth unemployment rate was 6.8%, rising 0.4 percentage points year-on-year.

The economically inactive population decreased by 174,000 (1.1%) compared to a year ago, recording 15,961,000. By gender, the number of males was 5,972,000, an increase of 32,000 (0.5%) year-on-year, while females numbered 9,989,000, a decrease of 206,000 (-2.0%).