Statistics Korea October Employment Trends
Retail and Wholesale Industry Sees Largest Decline in 3 Years and 3 Months
The increase in the number of employed persons last month fell below 100,000 due to a significant decrease in jobs in the wholesale and retail trade and construction sectors.
According to the 'October Employment Trends' released by Statistics Korea on the 13th, the number of employed persons aged 15 and over last month was 28,847,000, an increase of 83,000 compared to the same month last year.
The increase in the number of employed persons fell below 100,000 in June (96,000), then recovered for three consecutive months in July (172,000), August (123,000), and September (144,000), but the increase narrowed again in October.
By industry, employment increased in health and social welfare services (97,000), education services (84,000), and professional scientific and technical services (77,000). On the other hand, employment decreased in wholesale and retail trade (-148,000), construction (-93,000), and agriculture, forestry, and fisheries (-67,000).
Statistics Korea explained, "The decrease in employment in wholesale and retail trade and construction sectors reduced the overall increase in employment," adding, "There is also a base effect from last October when employment increased by more than 300,000."
The number of employed persons in wholesale and retail trade decreased by the largest margin in 3 years and 3 months since July 2021 (-186,000). Wholesale and retail trade decreased for 8 consecutive months, and construction for 6 consecutive months.
By employment status, among wage workers, permanent workers increased by 91,000 and temporary workers by 105,000, but daily workers decreased by 100,000.
Among non-wage workers, self-employed persons with employees decreased by 7,000, self-employed persons without employees increased by 44,000, while unpaid family workers decreased by 49,000.
On the 13th, a job seeker visiting an employment center in Seoul is looking at the job posting board as the number of employed people in October increased by 83,000 compared to the same month last year, falling below 100,000 for the first time in four months.
The employment rate for those aged 15 and over was 63.3%, the same as one year ago. The employment rate for ages 15-64, the OECD comparison standard, was 69.8%, up 0.1 percentage points from the same month last year. The youth employment rate (ages 15-29) was 45.6%, down 0.8 percentage points from the same month last year.
The unemployment rate was 2.3%, up 0.2 percentage points compared to one year ago. The number of unemployed persons was 678,000, an increase of 51,000 compared to the same month last year. The number of unemployed increased among those in their 50s (19,000), 40s (18,000), and 20s (11,000).
The number of unemployed youth increased by 7,000 compared to one year ago, and the youth unemployment rate was 5.5%, up 0.4 percentage points from the same month last year.
The economically inactive population was 16,082,000, an increase of 21,000 (0.1%) compared to one year ago. By gender, the number of men was 6,098,000, up 184,000 (3.1%) compared to the same month last year, while the number of women was 9,985,000, down 163,000 (-1.6%).
Among the economically inactive population, the number of people who were 'resting' increased compared to the same month last year in the age groups 60 and over (100,000), 20s (54,000), and 30s (47,000), while discouraged job seekers numbered 346,000, down 9,000 compared to the same month last year.
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